Ionis Pharmaceuticals price target raised to $67 from $64 at BofA

BofA raised the firm’s price target on Ionis Pharmaceuticals (IONS) to $67 from $64 and keeps a Buy rating on the shares ahead of the company webcasting detailed ION582 data from the Phase 1/2 HALOS Angelman study on July 22. Ionis’ approach has been partially validated by a competitor’s Phase 1/2 data and the firm believes ‘582 is not priced into the stock given Biogen’s (BIIB) recent opt-out decision, the analyst tells investors. ION582 accounts for $4 per share in the firm’s sum-of-the-parts valuation on $1.8B nominal peak sales and 30% odds of success, the analyst noted.