RBC Capital analyst Luca Issi reiterated an Outperform rating and $95.00 price target on Ionis Pharmaceuticals (NASDAQ: IONS).

The analyst comments "The news: IONS announced that they are pricing Tryngolza at $40K WAC starting April 1st, 2026. Recall, Tryngolza is currently priced $595K WAC for FCS (approved in Dec 2024), and the price decision will impact both sHTG and FCS. Our view: IONS is pricing sHTG at $40K, and we just caught up with the team. On why now, IONS argued this is not driven by ARWR gaining share for FCS but simply by the completion of their market access research and extensive conversions with payers. IONS also notes that setting the price now will allow timely conversions ahead of the PDUFA date (June 30 th , 2026) and proactive alignment with annual payer contracting cycles for 2027. On why $40k (recall, ARWR has priced their drug at $60k), IONS highlights that this the appropriate middle ground that will maximize value without material restriction on access. Overall, while IONS declined to comment on implications for peak sales (recall, prior guide was >$2b), we do believe this is net positive as it may offer incremental upside to peak numbers. We also note that specialty care pricing is one of the key reasons driving many of the recent successful Biotech commercial launches (MDGL probably the most intuitive comp here) and the pricing strategy makes sense to us given we think the data clearly suggests that the benefit was primarily driven by patients with high disease burden (high trigs and/or history of AP)."

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Shares of Ionis Pharmaceuticals closed at $69.68 yesterday.