J.P. Morgan analyst Jessica Fye upgraded the rating on Ionis Pharmaceuticals to a Buy today, setting a price target of $80.00.
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Jessica Fye’s rating is based on several positive developments at Ionis Pharmaceuticals. The company has shown significant progress with multiple product launches and pipeline advancements, particularly with olezarsen, which has demonstrated strong benefits in treating severe hypertriglyceridemia (sHTG). This progress, coupled with positive phase III data for other pipeline assets, has led to a more optimistic outlook for Ionis, with a clearer path towards breakeven and profitability.
Furthermore, the potential expansion of olezarsen’s market through its application in sHTG, supported by successful clinical trials, significantly enhances its commercial prospects. Ionis’s strategic plans to target a substantial number of high-risk patients and healthcare providers further bolster this outlook. These factors, along with a revised sales forecast and a new price target, underpin Fye’s decision to upgrade Ionis’s stock to a Buy rating.
In another report released today, Barclays also maintained a Buy rating on the stock with a $80.00 price target.