On Wednesday, Ionis Pharmaceuticals (NASDAQ:IONS) saw its shares price target increased by Oppenheimer from $65.00 to $72.00. The firm maintained its Outperform rating on the stock. The decision came after discussions with the company's management following Oppenheimer's recent coverage initiation.
The analyst highlighted several key points from the conversation with Ionis Pharmaceuticals' management. The company's financial outlook for fiscal year 2024 appears robust, with guidance indicating over $575 million in total revenues and approximately $1.7 billion in cash at the end of the year.
Furthermore, Ionis has outlined plans for regulatory submissions for its drug Wainua (eplontersen) for the treatment of ATTRv-PN in regions outside the United States, as well as a New Drug Application (NDA) filing for olezarsen for Familial Chylomicronemia Syndrome (FCS) within the year 2024.
Additionally, the Phase 3 CARDIO-TTRansform clinical trial for eplontersen in the treatment of ATTR-CM is expected to produce topline data by 2025. Management's expectations for event rates have been met consistently, which is a positive sign for the trial's progress. Recent updates to the Phase 3 HELIOS-B study protocol were also perceived as beneficial for the study design.
Near-term clinical data from partnered programs could potentially trigger milestone payments, adding another layer of financial opportunity for Ionis. Lastly, the company's deal with Royalty Pharma (RPRX) regarding Spinraza and pelacarsen was noted as a wise financial strategy. This comprehensive assessment led to the adjustment in Oppenheimer's model and the new price target of $72.00 for Ionis Pharmaceuticals' shares.
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