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Investing.com - Piper Sandler raised its price target on Ionis Pharmaceuticals (NASDAQ:IONS) to $65.00 from $62.00 on Friday, while maintaining an Overweight rating following FDA approval of the company’s hereditary angioedema (HAE) treatment. The stock, currently trading at $43.24 with a market capitalization of $6.86 billion, has shown strong momentum with a 34% gain over the past six months, according to InvestingPro data.
The FDA approved Dawnzera (donidalorsen) for adult and pediatric HAE patients aged 12 and older, marking Ionis’s second independent product approval and launch. The approval came on schedule and includes both quarterly (Q4W) and bimonthly (Q8W) dosing options.
Piper Sandler noted that while switching data was excluded from the label as expected, this information has been published and can be used in promotional materials. The investment firm expressed confidence in Ionis’s commercial preparations for the launch.
The research firm highlighted Ionis’s experienced sales team in allergy and immunology, with specific expertise in the HAE market. This experience could prove valuable as HAE is primarily considered a market where patients switch between treatments.
Piper Sandler expects "gradual but broad uptake" of Dawnzera, given the nature of the HAE market, and remains buyers of the stock with the new $65 price target.
In other recent news, Ionis Pharmaceuticals has received FDA approval for its drug DAWNZERA (donidalorsen) for the prophylaxis of hereditary angioedema (HAE) in patients 12 years and older. Following this approval, multiple financial institutions have adjusted their price targets for the company. Wells Fargo (NYSE:WFC) increased its price target to $82, maintaining an Overweight rating, citing the concentrated HAE market with a significant interest in new prophylactic options. H.C. Wainwright also raised its price target to $70, affirming a Buy rating due to DAWNZERA’s potential to capture market share from existing treatments. Stifel, maintaining a Hold rating, adjusted its target to $43 after the drug’s clean label approval. Meanwhile, BMO Capital reiterated a Market Perform rating with a $40 price target, projecting $520 million in peak U.S. sales for DAWNZERA, which is below the consensus estimate. Jefferies reiterated its Buy rating and set a price target at $83, emphasizing ongoing developments in Ionis’s collaboration with AstraZeneca (NASDAQ:AZN). These developments reflect a period of significant activity and interest in Ionis Pharmaceuticals.
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