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Investing.com - TD Cowen has raised its price target on Ionis Pharmaceuticals (NASDAQ:IONS) to $99.00 from $59.00 while maintaining a Buy rating on the stock. The new target represents significant upside potential from the current price of $71.88, with Ionis currently trading near its 52-week high of $74.42 after posting an impressive 134% gain over the past six months.
The firm cited a strong third-quarter performance driven by Tryngolza, which exceeded expectations and prompted the company to raise guidance. TD Cowen has added $1.5 billion in peak global sales to its model at an estimated $25,000 per year. This positive momentum aligns with the company’s 16.05% revenue growth over the last twelve months, though InvestingPro data shows Ionis is not yet profitable, with analysts not expecting profitability this year.
Phase 3 CORE-1/2 data is expected on November 8, which TD Cowen believes will show solid AP/NNT reduction, especially in patients with levels above 880 mg/dL. This could lead to a product launch in the fourth quarter of 2026.
Based on key opinion leader checks, TD Cowen is also raising estimates for Dawnzera. The new price target reflects anticipated Dawnzera and sHTG launches, multiple Phase 2/3 catalysts expected in 2026, and a projected breakeven in 2028.
TD Cowen reaffirmed Ionis Pharmaceuticals as a "Top Pick" in its coverage universe.
In other recent news, Ionis Pharmaceuticals reported its third-quarter 2025 earnings, significantly exceeding expectations. The company posted an earnings per share (EPS) of -$0.80, which was better than the forecasted -$1.22. Revenue for the quarter reached $157 million, surpassing the anticipated $130.76 million. Following the earnings report, Leerink Partners adjusted its price target for Ionis Pharmaceuticals to $72.00, up from $68.00, while maintaining an Outperform rating on the stock. These developments reflect the company’s strong financial performance in the recent quarter.
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