Ionis Pharmaceuticals price target raised to $72 from $65 at Oppenheimer

Oppenheimer raised the firm’s price target on Ionis Pharmaceuticals (IONS) to $72 from $65 and keeps an Outperform rating on the shares after speaking with management. The firm notes 2024 guidance of over$575M total revenues and $1.7B cash at year-end 2024 supports a strong financial profile; Ionis plans regulatory submissions for Wainua for ATTRv-PN in ex-U.S. regions and NDA filing for olezarsen for FCS in 2024; Phase 3 CARDIO-TTRansform for eplontersen in ATTR-CM topline data remain on track for 2025 as event rates remain consistent with management’s expectations, and Oppenheimer views recent Phase 3 HELIOS-B protocol updates as supporting study design; near-term clinical data for partnered programs could enable milestone payments; and Royalty Pharma (RPRX) deal on Spinraza and pelacarsen represents prudent financial strategy.