Ionis upgraded at BMO on Tryngolza adoption for severe hypertriglyceridemia

BMO Capital upgraded Ionis Pharmaceuticals (IONS) to Outperform, raising its price target to $66 from $54, citing strong adoption of its drug Tryngolza. Ionis's P/S ratio is 8.3, below its historical median of 9.5. The company has a GF Score™ of 63/100, reflecting moderate growth potential but weak profitability and financial strength. Insiders have been net sellers, while 8 top gurus hold shares, with more trimming than adding.

Ionis Pharmaceuticals' partner GSK received FDA approval for HIBSAGO (bepirovirsen), showing a 19% functional cure rate in Phase 3 trials for chronic hepatitis B. The approval was granted under priority review and Breakthrough Therapy Designation. Ionis is eligible for milestones and royalties. The label includes safety warnings.

IONIS PHARMACEUTICALS INC (IONS) filed an SEC Form 8-K — Other Events. Exhibit 99.1 Ionis partner GSK announces Hibsago (bepirovirsen) approved in the U.S. for the treatment of chronic hepatitis B (CHB) – Approval based on Phase 3 data showing unprecedented functional cure rates compared to standard of care – – Six-month treatment with option of at-

GSK's Hibsago (bepirovirsen), licensed from Ionis, received FDA approval for treating chronic hepatitis B (CHB). The drug, showing 19% functional cure rates in trials, is used with NrtI therapy. Ionis may receive milestone payments and royalties. GSK is pursuing regulatory approvals globally. Bepirovirsen has Breakthrough Therapy and Priority Review designations in the U.S., China, and Japan.

The FDA approved GSK's Hibsago, licensed from Ionis Pharmaceuticals, for chronic hepatitis B patients. Ionis may receive milestones and 10-12% royalties. Phase 3 showed 19% functional cure vs 0% placebo. Ionis stands to gain from U.S. launch and potential international approvals.

The FDA approved 13 drugs in September 2026, including Zanvastro (IONS) for Alexander disease, Omcazio (6620.TWO) for various cancers, Etcamah (AZN) for breast cancer, Pixclara (TLX) for glioma diagnosis, and ISEMBLYD (SRRK) for SMA. Key pricing and clinical data were reported.