BMO Capital Upgrades Ionis Pharmaceuticals (IONS) to Outperform; To Benefit form Alnylam Failure
BMO Capital upgraded Ionis Pharmaceuticals (NASDAQ: IONS) from Market Perform to Outperform with a price target of $48.00 (from $42.00), saying the company could benefit from Alnylam (NASDAQ: ALNY) discontinuation of the Revusiran program fter observing an imbalance of deaths in treated patients.
Analyst Do Kim commented, " We are upgrading IONS to Outperform from Market Perform, following competitor Alnylam's decision to terminate the Revusiran program after observing an imbalance of deaths in treated patients. We are increasing our TTR-Rx revenues in familial amyloidotic cardiomyopathy (FAC) and wild-type (wt) to reflect no competition, which is partly offset by a lower probability of success (45% from 50%), given similar drug mechanisms. Consequently, our price target increases to $48 from $42. We believe IONS shares could be pressured as investors perceive added risk to TTR-Rx. We recommend buying on weakness."
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Shares of Ionis Pharmaceuticals closed at $36.38 yesterday.