Wolfe Research has reiterated an Outperform rating and $98 price target on Ionis Pharmaceuticals (NASDAQ:IONS). The stock currently trades at $75.56.
Arrowhead Pharmaceuticals is set to release plozasiran SHTG data in Q3. Wolfe Research says this is the next major test for Ionis, which achieved an 85% reduction in acute pancreatitis.
Wolfe expects Arrowhead to match Ionis on efficacy. The key variable is event count; Ionis saw 22 events among 17 patients out of over 1,000 enrolled.
Wolfe calculates the most likely Arrowhead outcome is 11 total events with 5.6% odds. Arrowhead has stated it is seeing events and is comfortable with event progression.
Probabilities: 13% statistical failure, 13% worse-than-Ionis, 57% matching Ionis, 17% clear beat.
In recent news, Ionis reported Q1 2026 earnings beating estimates with EPS of -$0.56 and revenue of $246M. The company raised its 2026 revenue guidance to $875M-$900M.
Ionis is advancing Alzheimer's drug diranersen with Biogen. Oppenheimer raised its price target to $110, while Stifel increased to $86.
