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Investing.com - Oppenheimer raised its price target on Ionis Pharmaceuticals (NASDAQ:IONS) to $81.00 from $78.00 on Tuesday, maintaining an Outperform rating on the stock. The company, currently valued at $8.77 billion, has seen its shares surge near 52-week highs, with a 28% gain over the past six months according to InvestingPro data.
The price target increase follows Ionis Pharmaceuticals’ announcement of positive Phase 3 trial results for Tryngolza (olezarsen) in treating severe hypertriglyceridemia (SHTG). With revenue growth of 16% and analyst targets ranging from $40 to $83, InvestingPro subscribers can access 8 additional key insights about IONS’s market position and growth potential.
According to Oppenheimer, the drug demonstrated a highly statistically significant placebo-adjusted mean reduction in fasting triglycerides of up to 72% and reduced acute pancreatitis events by 85%.
The clinical trials also showed that olezarsen achieved key secondary endpoints in the hierarchical analysis, including percentage change in APOC-III, percentage change in non-HDL-cholesterol, and percentage of participants achieving triglyceride levels below 500 mg/dL.
Oppenheimer views these Phase 3 CORE/CORE2 results as an important value-creating catalyst, noting that the studies support a supplemental New Drug Application filing for label expansion into the highly prevalent severe hypertriglyceridemia market.
In other recent news, Ionis Pharmaceuticals announced positive results from its pivotal Phase 3 CORE and CORE2 studies of olezarsen, which demonstrated a significant reduction in triglycerides and an 85% reduction in acute pancreatitis events for patients with severe hypertriglyceridemia. Following these results, Stifel maintained its Hold rating and $43 price target for the company. Additionally, Piper Sandler raised its price target to $65, citing the recent FDA approval of Ionis’s hereditary angioedema treatment, Dawnzera. H.C. Wainwright also increased its price target to $70, highlighting the potential market share Dawnzera could capture. Wells Fargo further raised its target to $82, noting the concentrated market for hereditary angioedema treatments and the high interest in new prophylactic options. These developments underscore Ionis Pharmaceuticals’ recent progress in drug approvals and clinical trials.
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