Ionis Pharmaceuticals price target raised to $62 from $60 at Piper Sandler

Piper Sandler raised the firm’s price target on Ionis Pharmaceuticals to $62 from $60 on the lapse of a partial discounting period, while keeping an Overweight rating on the shares. Following the recent entry into an EU licensing agreement with Otsuka for donidalorsen, the firm is incorporating recognition for a majority of the $65M upfront payment as Q4 2023 R&D/Collaboration revenue, though it is leaving its EU donidalorsen royalty revenue estimates as-is.