Jefferies upgraded Ionis Pharmaceuticals to Buy from Underperform with a price target of $75, up from $29, as the analyst assumed coverage of the stock. The firm, which is “mainly bullish” on Eplontersen in ATTR-CM and thinks the Phase 3 CARDIO-TTRansform data due in mid-2026 reads out positively, contends that at about $48 per share “there’s still upside” for Ionis. The firm estimates that the company’s de-risked base business has a net present value of about $35 per share and says Ionis has a diversified pipeline that offers optionality.
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