Ionis Pharma Stock Rises After Multiple Price Target Hikes On Heels Of Positive Study Results In Alexander Disease

Several firms increased their price target on Ionis Pharmaceuticals (IONS) on Tuesday after the company announced positive results from a study of its Zilganersen drug in children and adults living with a rare neurological condition called Alexander disease (AxD).

The company announced on Tuesday that in the study, Zilganersen 50 mg demonstrated statistically significant and clinically meaningful stabilization of the primary endpoint, gait speed, at week 61 compared to the control arm, with a favorable safety and tolerability profile. The company also said that Zilganersen indicated evidence of slowed disease progression, stabilization, or improvement.

The firm intends to submit a new drug application to the U.S. Food and Drug Administration in the first quarter (Q1) of 2026. According to Ionis, Alexander Disease affects approximately one in one to three million people worldwide and has no approved disease-modifying treatments. The disease is characterized by progressive neurological deterioration, resulting in loss of functional mobility, independence, and the inability to control muscles for large movements, swallowing, and airway protection.

Guggenheim on Tuesday raised its price target on the stock to $92 from $90, while maintaining a 'Buy' rating on the shares, according to TheFly. The new price target implies an upside of about 50% from the stock's closing price on Monday.

Other firms also hiked their price targets:

• Bank of America hiked its price target on IONS to $83 from $81 with a 'Buy' rating, while terming the news“an incremental positive” as Ionis could add another product to its expanding commercial portfolio. 
• Morgan Stanley hiked its price target on IONS to $86 from $71 while keeping an 'Overweight' rating on the shares.
• Barclays also raised its price target on IONS to $80 from $78, with an 'Overweight' rating. The study results create a high probability of FDA approval, the analyst said.

On Stocktwits, retail sentiment around IONS stock stayed within the 'bearish' territory over the past 24 hours, while message volume rose from 'extremely low' to 'low' levels. Shares of the company traded over 2% higher at the time of writing.

IONS' stock is up 80% this year and approximately 50% over the past 12 months. 

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