Ionis Pharmaceuticals Remain Overweight; Lowering PT

研报英文原文证据摘录

Ionis Pharmaceuticals Remain Overweight; Lowering PT

J P M O R G A N North America Equity Research

10 July 2026

Ionis Pharmaceuticals Overweight

IONS, IONS US

Remain Overweight; Lowering PT Price (09 Jul 26):$64.27

▼Price Target (Dec-27):$72.00

Prior (Dec-26):$90.00

While the failure of CARDIO-TTRansform represents a clear setback, we are

maintaining our Overweight rating despite lowering our price target. We see the Biotechnology - Large Cap

opportunity for ATTR-CM fully removed from the stock at current levels and we Jessica Fye AC

like the set up for IONS from here based on 1) low market expectations for (1-212) 622-4165

pelacarsen (i.e., difficult to disappoint), 2) what we see as a conservative base case jessica.m.fye@jpmorgan.com

priced in for the upcoming competitor data in sHTG (we believe the mkt broadly Jose Lora, Ph.D.

expects ploza to also hit on AP), and 3) what we see as a clean Tryngolza launch (1-212) 270-4831

jose.n.lora@jpmorgan.com

story on the other side of these clinical readouts. Our new $72 Dec-27 price target

Silvia Luo

reflects the full removal of ATTR-CM credit for Wainua, lower Wainua

(1-212) 622-0000

contribution from PN as well based on continued headwinds in the mixed- silvia.luo@jpmorgan.com

phenotype population, and lack of positive CM data. We are also raising our Adam Ferrari, Ph.D.

Tryngolza sales projections (now modeling 2033 sales of ~$2bn) and baking in (1-212) 622-1717

greater conservatism on pelacarsen, which now contributes ~$6/sh to our valuation adam.ferrari@jpmorgan.com

(vs $8/sh prior). Maintain OW. Abdul Tahlil

(1-212) 270-9644

• A note on taf drop-ins... The 24% rate of drop ins was in the overall population abdul.tahlil@jpmorgan.com

in CARDIO-TTRansform (i.e., over 50% in the monotherapy group). In other J.P.