Promising Phase 3 Results and Future Prospects of Tryngolza Drive Buy Rating for Ionis Pharmaceuticals

H.C. Wainwright analyst Mitchell Kapoor has reiterated their bullish stance on IONS stock, giving a Buy rating yesterday.

Mitchell Kapoor’s rating is based on the promising results from Ionis Pharmaceuticals’ Phase 3 ESSENCE study of Tryngolza in patients with moderate hypertriglyceridemia (HTG). The study achieved its primary endpoint with a significant reduction in triglyceride levels, which is a positive indicator for the drug’s potential success in treating severe hypertriglyceridemia (sHTG) as well. The favorable safety profile observed in the ESSENCE study further supports the potential of Tryngolza, especially given the large addressable market in the U.S. for sHTG patients.
Kapoor also expresses confidence in the upcoming data from the pivotal CORE1 and CORE2 studies expected in the second half of 2025. These studies are anticipated to bolster the case for Tryngolza’s approval in sHTG, particularly due to its mechanism of targeting apolipoprotein C-III to reduce triglycerides. Additionally, the potential for Tryngolza to address acute pancreatitis events in sHTG patients could enhance its market appeal, even if statistical significance in this area is not fully achieved. These factors collectively underpin Kapoor’s Buy rating and the 12-month price target of $50 for Ionis Pharmaceuticals’ stock.

In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $77.00 price target.