Bernstein analyst William Pickering upgraded Ionis Pharmaceuticals (IONS) to Market Perform from Underperform with a $44 price target. The primary reason for upgrading the stock now is that the firm would not want to be Underperform into the Alnylam (ALNY) HELIOS-B readout, where there is a favorable risk/reward on the readthrough to Ionis, the analyst tells investors in a research note. The firm has also increased out-year revenue and earnings estimates by 10% and 20%, respectively, due to higher expected market share versus Arrowhead (ARWR) in severe hypertriglyceridemia and lipoprotein(a).
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Read More on IONS:
- JPMorgan biotech analysts hold an analyst/industry conference call
- Ionis reports ‘positive’ results from Phase 3 OASIS-HAE, OASISplus studies
- Biogen, Ionis terminate development of BIIB105 based on data from ALSpire study
- Ionis Pharmaceuticals’ ION582 shows improvements in Angelman syndrome
- Ionis Pharmaceuticals price target lowered to $82 from $85 at Wells Fargo
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