Stifel analyst Paul Matteis lowered the price target on Ionis Pharmaceuticals (NASDAQ: IONS) to $38.00 (from $42.00) while maintaining a Hold rating.

Analyst comments: "The stock continues to face headwinds after multiple set-backs including the recent miss in the ph3 study of BIIB-partnered Tofersen in ALS. With competition starting to make more headway in SMA, investor focus continues to rest squarely on what's next for company out of their vast pipeline either via additional partnerships or sole commercialization. We have updated out model for the quarter, lowering the odds of approval for tofersen/CNS pipeline; target price goes to $38."