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Investing.com - Stifel has reiterated its Hold rating and $43.00 price target on Ionis Pharmaceuticals (NASDAQ:IONS), currently trading at $42.64, following positive clinical trial results for the company’s olezarsen drug. Analyst targets range from $40 to $83, reflecting mixed sentiment on the stock. According to InvestingPro analysis, the stock appears overvalued at current levels.
The pharmaceutical company announced that olezarsen succeeded in the pivotal CORE/CORE2 studies in severe hypertriglyceridemia (sHTG), demonstrating 72% and 55% placebo-adjusted reduction in triglycerides at six months, respectively, with a clear dose-response relationship.
Olezarsen also showed an 85% reduction in acute pancreatitis events compared to placebo in a pre-specified pooled analysis across both studies at 12 months, a statistically significant result with p=0.0002.
The success on the primary endpoint was largely expected given strong efficacy in previous studies, but the significant reduction in pancreatitis events represents an important outcome that could impact labeling, pricing power, and market reception in the competitive cardiometabolic space.
Stifel noted a high placebo response in the CORE2 study (14% versus 0.5% in CORE), though the drug arms performed similarly across studies, suggesting this difference may not be relevant to the overall positive outcome for Ionis Pharmaceuticals. The stock has shown strong momentum with a 28% gain over the past six months. Get deeper insights and access to comprehensive financial analysis with InvestingPro, which offers exclusive ProTips and detailed research reports for over 1,400 US stocks.
In other recent news, Ionis Pharmaceuticals has reported significant advancements in its drug development efforts. The company announced positive topline results from its Phase 3 CORE and CORE2 studies of olezarsen, which showed an 85% reduction in acute pancreatitis events for patients with severe hypertriglyceridemia. Additionally, the FDA approved Ionis’s hereditary angioedema treatment, Dawnzera (donidalorsen), for patients aged 12 and older, marking the company’s second independent product approval. Following this approval, several analyst firms have adjusted their stock price targets for Ionis Pharmaceuticals. Piper Sandler increased its target to $65, maintaining an Overweight rating, while H.C. Wainwright raised its target to $70, citing Dawnzera’s potential market share capture. Wells Fargo also lifted its target to $82, highlighting the concentrated market for hereditary angioedema treatments. Meanwhile, Stifel adjusted its target to $43, noting the clean label approval of Dawnzera. These developments reflect the growing confidence in Ionis Pharmaceuticals’ product pipeline and market positioning.
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