Needham analyst Joseph Stringer reiterated a Buy rating on Ionis Pharmaceuticals (IONS – Research Report) today and set a price target of $60.00.
Joseph Stringer has given his Buy rating due to a combination of factors affecting the financial and operational outlook of Ionis Pharmaceuticals. Despite the company’s first quarter revenues falling short of both the estimates set by Needham and the consensus, Ionis has confidently reiterated its guidance for the year 2024. This forecast includes a total revenue exceeding $575 million, a non-GAAP net loss under $475 million, and an estimated year-end cash balance of around $1.7 billion, indicating a strong financial position and expected growth.
Furthermore, the anticipated key events for the company in 2024 play a significant role in Stringer’s positive rating. These events include the release of full Phase 3 data for donidalorsen in treating hereditary angioedema (HAE) in May 2024, the Phase 2 readout for Angelman syndrome in mid-2024, and the ongoing commercialization of Wainua for ATTR-PN. These milestones have the potential to drive the stock’s value significantly, and thus support the Buy rating and $60 price target set by Stringer.
In another report released on April 30, Oppenheimer also maintained a Buy rating on the stock with a $75.00 price target.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IONS in relation to earlier this year.
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Ionis Pharmaceuticals (IONS) Company Description:
Ionis Pharmaceuticals, Inc. engages in the development and commercialization of human therapeutic drugs using antisense technology. It operates through the Ionis Core and Akcea Therapeutics segments. The Ionis Core segment exploits a novel drug discovery platform to generate a pipeline of drugs. The Akcea Therapeutics segment develops and commercializes drugs for cardiometabolic diseases. The company was founded by Stanley T. Crooke, David J. Ecker, Christopher K. Mirabelli and Brett P. Monia in 1989 and is headquartered in Carlsbad, CA.
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