Jason Gerberry, an analyst from Bank of America Securities, reiterated the Buy rating on Ionis Pharmaceuticals (IONS – Research Report). The associated price target remains the same with $63.00.
Jason Gerberry’s rating is based on the strong performance of Ionis Pharmaceuticals in the first quarter, particularly driven by the successful launch of Tryngolza. The company’s revenue exceeded expectations, with a significant increase in sales from Tryngolza and Spinraza royalties. Ionis also raised its revenue guidance, largely due to a licensing deal, indicating confidence in future growth.
Additionally, the demand for Tryngolza was robust, with most sales coming from patients who had been identified prior to the launch. The company is now focusing on expanding its patient base to drive further growth. Looking ahead, the potential of Tryngolza in a larger market and upcoming clinical trial results in 2025-26 provide further upside potential, supporting the Buy rating.
IONS’s price has also changed moderately for the past six months – from $39.260 to $30.710, which is a -21.78% drop .