Analyst Upgrades Ionis Pharmaceuticals To Buy Amid Key Pipeline Developments: Eplontersen And Donidalorsen Show Promising Outlook

Citi analyst upgraded Ionis Pharmaceuticals Inc IONS from Neutral to Buy with a price target of $60, increased from $36, citing multiple key pipeline events approach.

Earlier today, Ionis announced the completion of enrollment in Phase 3 CARDIO-TTRansform cardiovascular outcomes study of eplontersen in patients with transthyretin-mediated amyloid cardiomyopathy. The study enrolled more than 1,400 patients.

The FDA decision for eplontersen for ATTR-PN is expected by YE2023. 

Last week, Ionis Pharmaceuticals announced it expanded its collaboration with AstraZeneca Plc AZN to include exclusive rights for AstraZeneca to commercialize eplontersen in Latin America. 

According to analyst David Lebowitz, Alnylam Pharmaceuticals, Inc.'s ALNY Amvuttra is poised to lead the market, while eplontersen still holds the potential to contribute significantly to the company's topline.

Additionally, the analyst shows keen interest in donidalorsen for HAE, with a pivotal Phase 3 readout expected in the first half of 2024. Despite the competitive nature of the HAE market, promising Phase 2 data suggests donidalorsen could offer an appealing product profile and become a significant player in the space.

Considering the current valuation, the analyst views Ionis shares favorably, as the risk-reward balance appears to be tilted in a positive direction.

Price Action: IONS shares are up 3.59% at $41.22 on the last check Monday.