Bernstein keeps Underperform on Ionis, says Arrowhead’s ARO-APOC3 looks better

Bernstein notes that Ionis Pharmaceuticals (IONS) announced that its Phase 3 BALANCE trial of olezarsen in familial chylomicronemia syndrome, or FCS, met its primary endpoint of triglyceride lowering in the 80mg dose. The lower 50mg dose did not meet the primary endpoint. Bernstein also notes that APOC3 lowering was over 75% at 80mg and not disclosed at 50mg. The safety profile was clean, with more AEs in the placebo group. The successful topline is not at all a surprise, says the firm, but the magnitude of the APOC3 reduction is a bit disappointing, as is the lack of benefit at 50mg. Bernstein says Arrowhead’s (ARWR) ARO-APOC3 continues to look better by comparison. The firm has an Underperform rating on Ionis’ shares with a price target of $31.