Ionis Pharmaceuticals: Lowering PT on ATTR-CM miss, but we remain bullish on SHTG launch

研报英文原文证据摘录

Ionis Pharmaceuticals: Lowering PT on ATTR-CM miss, but we remain bullish on SHTG launch

Equity Research

U.S. Small & Mid Cap Biotechnology

9 July 2026

Ionis Pharmaceuticals

Lowering PT on ATTR-CM miss, but

we remain bullish on SHTG launch

We update our model for CARDIO-TTRansform miss and note IONS OVERWEIGHT

a $25/sh impact on our price target. Mgmt commented that Unchanged

U.S. Small & Mid Cap

the miss will have no impact on 2026 guidance or 2028 cash Biotechnology POSITIVE

Unchanged

break even. We are still bullish on the SHTG launch, and think Price Target USD 90.00

lowered -22% from USD 115.00weakness could be a buying opportunity

Price (09-Jul-26) USD 64.27

Potential Upside/Downside +40.0%Lowering PT on CARDIO-TTRansform miss, but we see upside from SHTG launch, think ARWR

Source: Bloomberg, Barclays Research

data could be a clearing event & see optionality from pipeline readouts across RARE

Angelman Ph3 data in 2H read-through and Lp(a) Ph3 in 2H26. We update our model after

Market Cap (USD mn) 10621IONS/AZN's Ph3 CARDIO-TTRansform trial missed the primary endpoint of composite of CV

Shares Outstanding (mn) 165.26mortality and recurrent CV events up to week 140 vs placebo. IONS mgmt noted that they are

Free Float (%) 97.42still working through the data and no decision has been made whether to file for approval at

52 Wk Avg Daily Volume (mn) 2.2this point, although we view it as unlikely the program will move forward. We update our model

Dividend Yield (%) N/Aand lower the probability of success for Wainua in ATTR-CM from 90% to 5%. Our price target

Return on Equity TTM (%) -67.54moves lower to $90/sh from $115/sh.

Current BVPS (USD) 2.96

When we spoke to IONS mgmt, we think they sounded upbeat on the Tryngolza SHTG launch Source: Bloomberg