Wolfe Research upgraded Ionis Pharmaceuticals (IONS) to Outperform from Peer Perform with a $58 price target. The company is highly levered to the HELIOS-B readout from Alnylam (ALNY) due to tech similarity, but the firm contends that Ionis is better positioned to benefit from this catalyst due to favorable reimbursement and supply chain, the analyst tells investors in a research note. Wolfe adds that the Street is undervaluing the severe hypertriglyceridemia, or SHTG, maket, which the firm believes should in every way be better than the PCSK9 market in high cholesterol.
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