H.C. Wainwright reiterated its 'Buy' rating and price target of $115 for Ionis Pharmaceuticals on Monday, citing competitive clinical data and adjusted pricing for its triglyceride-lowering drug Tryngolza.
The firm maintained its outlook despite Ionis shares trading at $61.05, down 23% year-to-date but up 43% over the past 12 months. Ionis reported Q2 2026 adjusted loss per share of $0.69, beating analyst expectations of a $1.06 loss, while revenue reached $268 million, surpassing the $190.06 million consensus.
Tryngolza’s wholesale acquisition cost was reduced to $40,000 effective April 1, 2026, positioning it below Arrowhead Pharmaceuticals’ plozasiran at $45,000 ahead of anticipated payer policy negotiations in 2027. H.C. Wainwright noted that Tryngolza demonstrated numerically superior efficacy across acute pancreatitis measures in combined trial data, with an 85% reduction in events compared to 78% for plozasiran.
The analyst highlighted that Tryngolza’s rate ratio of 0.15 and absolute risk reduction of 5.2% outperformed plozasiran’s 0.22 and 4.1%, respectively, while both drugs showed sufficient safety profiles. The number needed to treat for Tryngolza was estimated at 20, further supporting its competitive positioning.
Market consolidation for payer policies is expected in the second half of 2026 and throughout 2027, with Tryngolza’s launch traction in Q3 2026 identified as a potential near-term catalyst. Arrowhead’s plozasiran may enter the market in Q2 2027, according to timelines cited by the analyst.
Ionis maintained fiscal 2026 guidance for Tryngolza, reinforcing confidence in its market strategy amid evolving competitive dynamics.
