Citi defending Ionis Pharmaceuticals

Citi analyst Eric Joseph reiterated a Buy rating and $100.00 price target on Ionis Pharmaceuticals (NASDAQ: IONS).

Joseph noted that attention is focused on the early launch performance of Tryngolza for severe hypertriglyceridemia (sHTG) ahead of third-quarter results. He cited Ionis management's decision to defer reiterating fiscal year 2026 guidance at recent broker conferences as a factor contributing to expectations of a potential downward revision.

Ionis shares have declined approximately 24% over the past 60 days, compared to a 2% decline in the NBI index over the same period.

The analyst said sequential Tryngolza prescription trends leave him optimistic about an in-line quarter, with analyst consensus estimated at $21 million. Joseph added that in the event of a third-quarter miss, approximately 3,700 unique patients would represent a comfortable threshold consistent with prior guidance-driven forecasts, if Ionis provides visibility into in-hub prescription volume.

Shares of Ionis Pharmaceuticals most recently closed at $45.40.

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