Piper Sandler analyst Allison Bratzel lowered the firm’s price target on Ionis Pharmaceuticals (IONS) to $62 from $65 and keeps an Overweight rating on the shares following quarterly results. The firm notes total revenue of $134M beat consensus by $1M and beat its estimate by $10M. However, Piper’s Q3 royalty revenue estimate of $71M was $9M below the reported value, largely on Spinraza royalties.
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