Ionis Pharmaceuticals Inc (IONS.O): Readthrough Thoughts on Positive sHTG Competitor Readout

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Ionis Pharmaceuticals Inc (IONS.O): Readthrough Thoughts on Positive sHTG Competitor Readout

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22 Jul 2026 10:52:24 ET │ 11 pages

Ionis Pharmaceuticals Inc (IONS.O)

Readthrough Thoughts on Positive sHTG Competitor Readout

CITI'S TAKE

Buy / High Risk In our view, IONS share-pressure (-3% vs NBI flat) is misplaced following

positive topline results for competitor in sHTG (Arrowhead’s Redemplo Short-Term View: Upside, expires 16-AUG-26

[not covered], competitor to Tryngolza). Indeed, we view the SHAST-3/4 Price (21 Jul 26 16:00) US$53.39

data as a clear-win for the program, and similarly likely to support a label Target price US$100.00

that includes acute pancreatitis risk reduction (APRR). That said, setting Expected share price return 87.3%

aside the nominally higher 100% APRR in higher-risk patients, Redemplo’s Expected dividend yield 0.0%

overall profile looks in-line with Tryngolza (similar pbo-adj TG lowering; Expected total return 87.3%

likely overlapping APRR CIs; Tryngolza non-requirement for liver

Market Cap US$8,823M monitoring rendering liver AEs/fat comparisons moot). Counter to IONS

share reaction, we’d argue SHASTA3/4’s success is a net positive for

Tryngolza in further validating the target class, with sHTG unlikely to take

on a zero-sum dynamic given the market’s size (~600K pts) and early- Eric Joseph, PhDAC

stage. Net-net, with our bullish Tryngolza outlook intact (and seeing low- +1-212-816-8697

expectations into Lp(a) HORIZON), this morning’s weakness presents an eric.joseph@citi.com

attractive LT entry point.

Redemplo SHASTA-3/4 results look largely in-line with Tryngolza, with nuanced

improvements in the higher TG population. Topline data from the much-

anticipated SHASTA-3/4 trials (evaluating 25mg Redemplo (plozasiran) vs placebo