Barclays analyst Eliana Merle lowered the price target on Ionis Pharmaceuticals (NASDAQ: IONS) to $90.00 (from $115.00) while maintaining a Overweight rating.

The analyst comments "Lowering PT on CARDIO-TTRansform miss, but we see upside from SHTG launch, think ARWR data could be a clearing event & see optionality from pipeline readouts across RARE Angelman Ph3 data in 2H read-through and Lp(a) Ph3 in 2H26. We update our model after IONS/AZN's Ph3 CARDIO-TTRansform trial missed the primary endpoint of composite of CV mortality and recurrent CV events up to week 140 vs placebo. IONS mgmt noted that they are still working through the data and no decision has been made whether to file for approval at this point, although we view it as unlikely the program will move forward. We update our model and lower the probability of success for Wainua in ATTR-CM from 90% to 5%. Our price target moves lower to $90/sh from $115/sh."