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Investing.com - RBC Capital has raised its price target on Ionis Pharmaceuticals (NASDAQ:IONS) to $80 from $70 while maintaining an Outperform rating, citing positive Phase III data for the company’s acute pancreatitis treatment. The stock, currently trading at $60.49, has surged over 40% in the past week and is approaching its 52-week high of $62.08. According to InvestingPro data, analyst targets for the $9.64 billion company range from $43 to $96.
The price target increase follows RBC’s consultation with a leading cardiologist who expressed enthusiasm about the drug, noting it is the first agent to demonstrate benefits for acute pancreatitis in a prospective randomized clinical trial. InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report that provides deep-dive analysis of Ionis’s market position and growth potential.
The cardiologist indicated that approximately 30% of their patients could potentially receive the drug once approved, suggesting the treatment could generate significant revenue for Ionis.
RBC analysts believe the drug could become a "multi-billion dollar" product, with their current $2 billion peak revenue projection potentially being conservative based on the cardiologist’s penetration estimates and anticipated pricing.
Full details of the clinical trial are expected to be released at the American Heart Association conference scheduled for November 7-10, which will provide better understanding of the drug’s commercial potential, particularly whether its benefits extend to all patients or only those with very high triglycerides.
In other recent news, Ionis Pharmaceuticals has reported positive topline results from its Phase 3 CORE and CORE2 trials for severe hypertriglyceridemia. These trials showed significant benefits in lowering triglycerides and reducing the risk of acute pancreatitis. Following these results, H.C. Wainwright increased its price target for Ionis Pharmaceuticals from $70 to $95, maintaining a Buy rating, while Oppenheimer raised its target to $81 with an Outperform rating. BMO Capital upgraded the company’s stock from Market Perform to Outperform, citing the potential of its drug Olezarsen to become a blockbuster in the U.S. market. Additionally, Stifel maintained its Hold rating and $43 price target despite the positive clinical trial results. These developments highlight the growing confidence among analysts regarding Ionis Pharmaceuticals’ future prospects.
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