Ionis Pharmaceuticals: BMO Capital Upgrades to Outperform, PT Raised to $70

Ionis Pharmaceuticals: BMO Capital Upgrades to Outperform, PT Raised to $70

BMO Capital Markets has upgraded Ionis Pharmaceuticals (NASDAQ: IONS) to "Outperform" following the company's positive late-stage trial results for its lipid-lowering agent, olezarsen. The upgrade comes as the California-based biotech announced data from its pivotal CORE and CORE2 studies, which demonstrated statistically significant effects on acute pancreatitis (AP) events at 80 mg and 50 mg monthly doses [1].

The trials involved more than 1,000 adults with severe hypertriglyceridemia, and the results suggest that olezarsen could become a blockbuster drug. BMO analyst Kostas Biliouris raised the stock's price target to $70 from $40, citing the potential for peak risk-unadjusted U.S. sales of olezarsen to reach $1.5 billion by 2026 [1].

Biliouris also noted that the strong AP benefit of olezarsen could differentiate it from other dyslipidemia drugs like Amarin's Vascepa, which generates $600 million in U.S. peak sales without AP benefits. Additionally, he expects positive readouts in 2026 from Ionis' cardiology programs for transthyretin-mediated amyloid cardiomyopathy (ATTR-CM) and Lp(a), as well as from the company's Angelman program, which he described as a multi-billion dollar opportunity [1].

Separately, the FDA's approval of Ionis' HAE drug, Donidalorsen, on August 21, 2025, could further boost the company's stock performance and market position. Piper Sandler has also raised its price target for Ionis, reflecting confidence in the company's drug pipeline and regulatory progress [2].

References:
[1] https://seekingalpha.com/news/4491680-ionis-stock-upgraded-bmo-capital-markets
[2] https://www.ainvest.com/news/ionis-pharmaceuticals-ions-soars-17-32-fda-approval-2509/