Ionis Pharmaceuticals upgraded to Buy from Neutral at Citi

Citi upgraded Ionis Pharmaceuticals to Buy from Neutral with a price target of $60, up from $36. The analyst says multiple key pipeline events are approaching for Ionis. The FDA decision for eplontersen for ATTR-PN is expected by the end of 2023, and while Alnylam’s Amvuttra will continue to be the market leader, eplontersen could still prove to be a material top-line contributor, the analyst tells investors in a research note. Citi is also interested in the potential for donidalorsen for hereditary angioedema, for which a pivotal Phase III readout is approaching in the first half of 2024. It views the stock’s risk/reward as being skewed positive.