Ionis Pharmaceuticals upgraded to Neutral from Underperform at BofA

BofA analyst Jason Gerberry upgraded Ionis Pharmaceuticals to Neutral from Underperform with a price target of $52, up from $33. Recent positive clinical data raise the odds that three of Ionis’ lead assets will be approved, argues BofA, which raised its sales forecasts for olezarsen for fat reduction, donidalorsen for angioedema and eplontersen for cardiomyopathy and polyneuropathy. The firm also models longer market cycles for the drugs, but adds that it still sees risk of revenue downside if competitors’ drugs produce better data.