H.C. Wainwright maintained a Buy rating and a $115 price target for Ionis Pharmaceuticals on Thursday, citing competitive clinical data for the company’s TRYNGOLZA therapy in acute pancreatitis alongside its lower wholesale acquisition cost.
The firm reiterated its stance after Ionis reported second-quarter financial results, which included a narrower-than-expected adjusted loss per share and revenue that exceeded analyst projections. Ionis shares were trading at $61.05 on Thursday, up 43% over the past year despite a 23% decline year-to-date. The company’s market capitalization stands at $10.15 billion.
Clinical data comparisons highlighted TRYNGOLZA’s performance in reducing acute pancreatitis events. Pooled data from the CORE and CORE2 studies showed an 85% reduction in adjudicated events, a rate ratio of 0.15, a 5.2% absolute risk reduction, and a number needed to treat of 20. H.C. Wainwright noted these metrics favor TRYNGOLZA across broad-population measures when compared to Arrowhead Pharmaceuticals’ plozasiran, which demonstrated a 78% reduction, a rate ratio of 0.22, and a 4.1% absolute risk reduction in pooled SHASTA-3/4 analyses.
Pricing and market access strategies also factored into the rating. Ionis set TRYNGOLZA’s wholesale acquisition cost at $40,000 effective April 1, 2026, ahead of payer negotiations, undercutting Arrowhead’s $45,000 price for plozasiran. Ionis has implemented a Quick Start program to expedite prior authorizations for patients in the severe hypertriglyceridemia launch, with formal payer policies expected to develop through the second half of 2026 and into 2027.
The next catalyst for the stock is anticipated in the third quarter of 2026, tied to TRYNGOLZA launch traction. Ionis reported adjusted losses of $0.69 per share in Q2, narrower than the $1.06 loss forecast by analysts, while revenue reached $268 million, surpassing the $190.06 million estimate. Management reaffirmed fiscal 2026 guidance for Tryngolza.
Other analysts have also weighed in on Ionis. JPMorgan maintained an Overweight rating with a $76 target, Canaccord Genuity kept a Buy rating at $95, and BMO Capital initiated coverage with a Market Perform rating and a $60 target. InvestingPro characterized Ionis’ valuation as overvalued relative to fair value, noting six recent downward revisions to earnings estimates.
