Bernstein analyst William Pickering raised the firm’s price target on Ionis Pharmaceuticals to $37 from $31 and keeps an Underperform rating on the shares. The firm thinks Street expectations for olezarsen and donidalorasen are too high and that the Street is also overly optimistic on the expense outlook, creating a valuation disconnect. This is a long term call, not an active short, and the stock likely trades up this year on HELIOS-B data, Bernstein adds.
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