IONS Delayed tau positive. Event bonanza for the rest of the year

研报英文原文证据摘录

IONS Delayed tau positive. Event bonanza for the rest of the year

Biotechnology - Immunology

Genetic Medicines - Market Weight

IONIS PHARMACEUTICALS, INC. (IONS) May 14, 2026

IONS Delayed tau positive. Event bonanza for the rest of Rating:

the year Outperform

Price:

$77.60

The Wolfe Byte Price Target:

Without detailed tau data, the market is unable to assess the drug. To us, $98

Prior: $97this means stock upside is now pushed to July. This year, we expect multiple % Upside:

hard-hitting catalysts, and the stock still remains our favorite among commercial 26.3%

biotechs View IONS Model

View Comp Table

Delayed upside with tau success. Biogen + Ionis press released positive results with Company Information

tau in Alzheimer's. Biogen will be presenting detailed data in July at AAIC, preventing 52-Week Range $32 - $87

Cap. (M) $12,824the company from disclosing detailed efficacy or safety data today. 'BIIB saw trends Market 165.3 Shares Out. (MM)

across all doses with the range at or beyond that which was seen in successfully Avg. Value Traded (MM) $107.15

commercialized products.' On the call with Biogen's Head of Development, the SI% of Float 10.1%

Dividend Yield 0.0%

takeaway is that 'if the cognitive benefit for diranersen was replicated in a phase 3,

the result would be clinically meaningful' (quoting Alex Hammond's report). Price Performance

YTD LTM

Wolfe Take: All tau stocks up pre-market, but opened in the red, possibly due to the IONS (2)% 139%

lack of detailed efficacy data or the inverse response. In our view, tau's upside is now SPX 9% 26%

delayed to July, as we believe we would see very meaningful CDR-SB reduction and 90

possibly better safety with the low dose, which could potentially override investor 80