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Ionis Pharmaceuticals Receives Price Target Increase from Oppenheimer Amid Positive Growth Outlook

Oppenheimer raised Ionis Pharmaceuticals’ (NASDAQ:IONS) price target from $65.00 to $72.00, while affirming its Outperform rating on the stock. This decision followed discussions with the company’s management subsequent to Oppenheimer’s recent coverage initiation.

In the dialogue with Ionis Pharmaceuticals’ management, the analyst highlighted several key takeaways. The company anticipates a robust financial performance for fiscal year 2024, with guidance projecting total revenues surpassing $575 million and approximately $1.7 billion in cash reserves by year-end.

Ionis Pharmaceuticals has articulated plans for regulatory submissions for its drug Wainua (eplontersen) for treating ATTRv-PN outside the United States, along with a New Drug Application (NDA) filing for olezarsen for Familial Chylomicronemia Syndrome (FCS) within 2024.

Moreover, the Phase 3 CARDIO-TTRansform clinical trial evaluating eplontersen for ATTR-CM treatment aims to yield topline data by 2025. The management’s consistent fulfillment of event rate expectations bodes well for the trial’s progress. Recent adjustments to the Phase 3 HELIOS-B study protocol were also viewed favorably for enhancing the study design.

Potential near-term clinical data from partnered programs could trigger milestone payments, presenting additional financial opportunities for Ionis. Lastly, the company’s strategic deal with Royalty Pharma (RPRX) concerning Spinraza and pelacarsen was recognized as a prudent financial move. This thorough evaluation prompted Oppenheimer to revise its model, setting a new price target of $72.00 for Ionis Pharmaceuticals’ shares.