Ionis Pharmaceuticals (IONS) PT Raised to $64 at Needham & Company as ENDEAR Study Halted Early for Efficacy

Needham & Company analyst Chad Messer reiterated a Buy rating and lifted its price target on Ionis Pharmaceuticals (NASDAQ: IONS) to $64.00 (from $55.00) after the company and Biogen announced the pivotal ENDEAR study of nusinersen in infants with spinal muscular atrophy (SMA) met its primary endpoint at a pre-specified interim analysis. The trial will be halted and Biogen will file for approval in the US and Europe by YE:16.

Messer commented, "This unexpected positive outcome moves forward the timelines for nusinersen approval by ~6 months. We project >$5B in WW nusinersen sales in 2022. Ionis receives double digit royalties and could reach sustainable profitability as early as 2018. Ionis has 3 additional pivotal read outs coming in 1H:17. We remain buyers of IONS shares."

For an analyst ratings summary and ratings history on Ionis Pharmaceuticals click here. For more ratings news on Ionis Pharmaceuticals click here.

Shares of Ionis Pharmaceuticals closed at $29.19 yesterday.

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