Raymond James cuts Ionis Pharmaceuticals price target on slow launch

Ionis Pharmaceuticals reported that DAWNZERA patients had a 95% reduction in HAE attacks over two years, with no new safety concerns. Switch-cohort patients saw a 71% reduction. The data extends earlier trial results.

Ionis Pharmaceuticals' stock fell 28.5% post-Q3 2026 earnings despite beating estimates. Investors were disappointed by slower-than-expected Tryngolza sales and reduced full-year guidance to $50M. Wainua royalties also missed estimates. Dawnzera sales grew 40% sequentially. Ionis pushed back positive cash flow target to 2029. Competition from Arrowhead and Alnylam adds to concerns.

The FDA approved five drugs in October 2026: Teva's Weltruza (TEVA) for schizophrenia, Asahi Kasei's Hovilpri (3407.T) for herpes, Alcon's Brytly (ALC) for eye redness, GSK and Ionis' Hibsago (GSK, IONS) for hepatitis B, and Xbrane and STADA's Lucamzi for retinal diseases. Key details include efficacy, pricing, and competitor landscape.

Ionis Pharmaceuticals (IONS) reduced 2026 revenue guidance to $50M due to slower TRYNGOLZA launch and Phase III setbacks. Cash flow breakeven delayed to 2029. Only 24% of prescribers have written multiple prescriptions. Management cited education needs and payer coverage as key factors. Q3 cash position was $1.9B, with $1.6B expected by year-end. 2027 guidance deferred to February call.

Ionis Pharmaceuticals (IONS) reported Q3 2026 revenue of $243M, up 54.8% YoY, and a net loss of $110M. It lowered TRYNGOLZA sales guidance to $50M. Mixed trial results: sefaxersen and ulefnersen showed positive data, while pelacarsen and eplontersen missed Phase 3 goals. HIBSAGO won U.S., Japan, and Canada approvals, triggering a $30M milestone. The average 12-month price target fell to $83.38, with a consensus Buy rating.

Ionis Pharmaceuticals cut sales forecasts for its triglyceride-lowering drug, Tryngolza, to $50M from $100-110M, citing slow rollout. Q3 sales were $9M vs. $21M consensus. Shares dropped 25% to below $28.