Ionis assumed with Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Michael Ulz downgraded Ionis Pharmaceuticals (IONS) to Equal Weight from Overweight with a price target of $40, down from $56, after assuming coverage of the name. The analyst is taking a more conservative view of the company’s mid-stage pipeline opportunities. He also expects a "competitive" launch next year for eplontersen, citing a lack of differentiation to Alnylam’s (ALNY) Amvuttra and the disadvantage of being second to market. While Ionis has a robust pipeline, most key data readouts are not expected until 2024 and 2025, which creates a lack of near-term catalysts, Ulz tells investors in a research note.