Ionis Pharmaceuticals, Inc. (IONS) announced that Pfizer (PFE) reported positive results from Phase 2b clinical study of vupanorsen.
Based in California, Ionis Pharmaceuticals is a biotechnology company that specializes in discovering and developing human therapeutic drugs.
Vupanorsen, earlier known as IONIS-ANGPTL3-LRx, is an investigational antisense therapy, and is being developed for indications in cardiovascular risk reduction and severe hypertriglyceridemia.
In November 2019, Pfizer licensed vupanorsen from Ionis in a worldwide exclusive agreement.
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Results of the Study
Notably, the study met its primary endpoint by achieving statistically significant reduction in non-high-density lipoprotein cholesterol (non-HDL-C) compared to placebo at all doses tested at 24 weeks.
Furthermore, key secondary endpoints were also met and there was a significant reduction in triglycerides and angiopoietin-like-3 at all dose levels reported in subjects treated with vupanorsen.
The company stated that there were no serious adverse events related to the treatment and that the incidents were similar between active and placebo groups.
Management Weighs In
M.D., VP of global cardiovascular development and cardiovascular franchise head at Ionis, Sotirios Tsimikas, commented, “We were pleased to see statistically significant reductions in the primary endpoint, non-HDL-cholesterol, and in the secondary endpoint of triglycerides at all doses tested. The topline results of the Phase 2b study also showed that vupanorsen dose-dependently lowered its target, angiopoietin-like 3.”
He further added, “Pfizer is continuing to review the findings to determine next steps regarding future development. We look forward to the full data set being presented at a medical meeting next year.”
Wall Street’s Take
The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 6 Buys, 4 Holds, and 1 Sell. The average Ionis Pharmaceuticals price target of $54 implies 81.45% upside potential to current levels.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on IONS, compared to a sector average of 68%.
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