Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) has revealed positive top-line data from the interim analysis of Phase 3 NEURO-TTRansform study of Ionis and AstraZeneca’s (AZN) eplontersen.
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The NEURO-TTRansform trial was designed to evaluate the safety and efficacy of eplontersen in patients suffering from hereditary transthyretin-mediated amyloid polyneuropathy (ATTRv-PN). The data demonstrated that eplontersen met both co-primary and secondary endpoints. Also, it showed a favorable and well-tolerated profile, with no new concerns.
Following the positive study results, the companies will seek regulatory approval for eplontersen for ATTRv-PN. Moreover, they plan to file a new drug application with the U.S. Food and Drug Administration (FDA) this year. Meanwhile, the medicine was granted Orphan Drug Designation in the U.S.
Official Comments
Ionis’ EVP Eugene Schneider said, “We are pleased that the data in the NEURO-TTRansform study demonstrate eplontersen had a positive impact on disease progression, including improvement in neuropathy impairment and quality of life in a substantial number of patients. These highly statistically significant and clinically meaningful results put us on the cusp of providing a new therapeutic option for polyneuropathy patients living with this debilitating and fatal disease.”
Wall Street’s Take
Recently, Piper Sandler analyst Do Kim reiterated a Buy rating on the stock and lifted the price target to $55 (55.81% upside potential) from $54.
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on six Buys, five Holds, and one Sell. The average Ionis price target of $51.73 implies 46.54% upside potential from current levels. Shares have gained 8.28% so far this year.
Besides, investors and hedge funds have increased their exposure to IONS stock. Per TipRanks’ Hedge Fund Trading Activity tool, hedge funds have bought 2.1 million shares in the last quarter.
Insiders Trading
Corporate Insiders are positive about Ionis. According to the TipRanks Insiders page, corporate insiders have bought shares worth $145,600 in the past three months. Per the SEC (Securities and Exchange Commission) filings and TipRanks’ Insider Trading Activity tool, the company’s director Spencer Berthelsen recently purchased shares worth $145,575.
The Bottom Line
Amid the current market scenario and rising fears of an impending recession, companies with strong fundamentals and long-term growth prospects attract investors. Even in difficult times, healthcare companies outperformed other industries. As a result, based on the bullish stance of insiders and hedge funds, investors are adding Ionis to their portfolio, considering it an attractive Buy.
