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Investing.com - H.C. Wainwright raised its price target on Ionis Pharmaceuticals (NASDAQ:IONS) to $95.00 from $70.00 on Wednesday, while maintaining a Buy rating on the stock. The stock has shown remarkable momentum, surging 34.5% in the past week and currently trading near its 52-week high of $57.92.
The price target increase follows Ionis’ report of strong triglyceride (TG) reductions in two pivotal studies. The CORE study showed a 72% placebo-adjusted reduction at six months, while CORE2 demonstrated a 55% reduction.
Both trials exhibited durability through 12 months and achieved an 85% reduction in acute pancreatitis (p=0.0002), making it the first therapy to show such benefit in severe hypertriglyceridemia (sHTG).
Over 90% of patients continued into the open-label extension, which H.C. Wainwright views as a positive indicator for future demand and refill consistency.
H.C. Wainwright increased its probability of approval for olezarsen to 85% from 75% and raised peak penetration estimates to 10% from 7.5%, projecting global olezarsen revenues to reach $4.2 billion, up from a previous estimate of $3.2 billion. According to InvestingPro, the company is expected to see 21% revenue growth this fiscal year, though technical indicators suggest the stock may be overbought. Get access to 13 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, Ionis Pharmaceuticals has reported several significant developments. The company announced positive Phase 3 trial results for its drug olezarsen, which targets severe hypertriglyceridemia (sHTG), showing a 72% reduction in triglycerides and an 85% reduction in pancreatitis events. This success has led to Oppenheimer raising its price target for Ionis Pharmaceuticals to $81, maintaining an Outperform rating. Additionally, BMO Capital upgraded the company to an Outperform rating, citing the blockbuster potential of olezarsen.
Furthermore, Piper Sandler increased its price target to $65 following the FDA’s approval of Ionis’s hereditary angioedema treatment, Dawnzera, for patients aged 12 and older. This marks the company’s second independent product approval. Stifel has maintained its Hold rating with a $43 price target after the positive clinical trial results for olezarsen. These developments reflect a period of strong clinical and regulatory achievements for Ionis Pharmaceuticals.
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