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Investing.com - Goldman Sachs has upgraded Ionis Pharmaceuticals (NASDAQ:IONS) from Sell to Neutral and set a price target of $65.00, citing the company’s optimization of its antisense oligonucleotide technology. The stock, currently trading at $62.97, is approaching its 52-week high of $64.72, having delivered impressive returns of 80% year-to-date. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
The upgrade follows positive Phase 3 Tryngolza data in severe hypertriglyceridemia that demonstrated significant impact on acute pancreatitis endpoints. Goldman Sachs estimates peak sales of $1.7 billion for Tryngolza, which is expected to launch in the fourth quarter of 2026. With a current market capitalization of $10.04 billion and trailing twelve-month revenue of $944 million, this potential launch could significantly impact the company’s growth trajectory.
Goldman Sachs also highlighted two other upcoming product launches: Dawnzera for hereditary angioedema with projected peak revenue of $447 million to Ionis, and zilganersen for Alexander disease, potentially the company’s first wholly-owned neurology launch with estimated peak sales of approximately $100 million. For deeper insights into Ionis’s pipeline potential and comprehensive financial analysis, check out the detailed Pro Research Report available on InvestingPro, which covers over 1,400 top US stocks.
Investors are focused on two Phase 3 data catalysts expected next year: Novartis-partnered pelacarsen for cardiovascular disease with elevated Lp(a), representing a $2 billion-plus opportunity, and AstraZeneca-partnered Wainua for ATTR-cardiomyopathy, with estimated peak revenue to Ionis of $864 million.
Goldman Sachs noted that Ionis’ upcoming Innovation Day on October 7 should provide additional insights into the company’s neurology programs and advancements in platform technology.
In other recent news, Ionis Pharmaceuticals has reported significant developments regarding its treatments for rare diseases. The company announced positive topline results from a pivotal study of zilganersen, its treatment for Alexander disease, showing a 33.3% improvement in gait speed and consistent benefits across secondary endpoints. Following these results, Leerink Partners raised its price target for Ionis Pharmaceuticals to $68, while maintaining an Outperform rating. Similarly, Guggenheim increased its price target to $92, maintaining a Buy rating, citing positive Phase 3 clinical trial data for the same treatment.
H.C. Wainwright also reiterated its Buy rating and $95 price target, emphasizing zilganersen’s disease-modifying benefits in Alexander disease. In addition, Ionis Pharmaceuticals received European Union approval for its drug TRYNGOLZA, intended for familial chylomicronemia syndrome, a rare genetic disorder. This approval prompted H.C. Wainwright to maintain its Buy rating, further supporting the company’s prospects. These developments highlight Ionis Pharmaceuticals’ continued progress in addressing ultra-rare diseases and securing regulatory approvals.
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