Last week, Piper Jaffray analyst Joshua Schimmer hosted Richard Geary, Senior Vice President (SVP) of Ionis Pharmaceuticals Inc (NASDAQ:IONS), as well as Wade Walke, Vice President (VP) of Corporate Communications for corporate meetings. On back of his conversations with the biotech firm’s management team, the analyst reiterates an Overweight rating on IONS with a price target of $51, which represents just under a 20% increase from where the shares last closed.
Schimmer notes, “We hold both in high regard given their detailed understanding of the antisense platform and programs, in addition to their integrity in communications with investors. While discussions generally focused around lead clinical programs, our biggest incremental takeaway revolved around the scientific efforts and power of antisense in identifying attractive targets for myriad diseases. […] we believe IONS has one of the most powerful R&D engines in biotech.”
Furthermore, with regards to the biotech firm’s robust R&D platform, the analyst elaborates, “In our view, there is no stronger approach than going after the genetics of diseases (particularly monogenic ones) with a powerful tool.”
“While some investors may roll their eyes at this claim due to historical communication (errors of commission & omission), an objective look at their science drives this conclusion for us. Reiterate OW; IONS remains one of our top midcap picks,” Schimmer contends, assessing the scientific prowess and potential at IONS as considerably underestimated from an investor standpoint.
As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Joshua Schimmer is ranked #3,933 out of 4,209 analysts. Schimmer has a 44% success rate and faces a loss of 3.5% in his yearly returns. However, when recommending IONS, Schimmer gains 33.3% in average profits on the stock.
TipRanks analytics indicate IONS as a Buy. Out of 7 analysts polled by TipRanks, 4 are bullish on Ionis stock, 2 remain sidelined, and 1 is bearish on the stock. With a loss potential of nearly 7%, the stock’s consensus target price stands at $39.67.