Ionis Phase 3 ATTR-CM Failure Slashes Stock 23.3%, Jefferies Targets $90
IONS•Jefferies set a $90 price target on Ionis Pharmaceuticals after its Wainua Phase 3 ATTR-CM trial failed to meet the primary endpoint, implying 39.6% upside. The study miss triggered a 23.3% share drop, erasing $19.69 per share and driving 15.2 million shares traded.
1. Late-Stage Trial Misses Primary Endpoint
An Ionis and AstraZeneca late-stage study of eplontersen in transthyretin-mediated amyloid cardiomyopathy did not meet its primary endpoint of reducing cardiovascular deaths or events, showing no statistical benefit over placebo in a heavily pretreated patient population.
2. Stock Loses 23% on News
Ionis shares plunged 23.31%, shedding $19.69 per share to trade near the mid-$60 range, while 15.2 million shares changed hands, reflecting a sharp sell-off in response to the trial miss.
3. Analysts Adjust Price Targets
Jefferies raised its price target to $90, implying 39.6% upside, as it remains confident in Ionis’s RNA-targeted pipeline, while Needham reiterated a Buy rating but cut its target from $105 to $86.
4. Sector Ripple Effects
The trial setback also weighed on AstraZeneca’s shares, whereas Alnylam stock rallied, underscoring shifting investor sentiment toward competing RNA silencing therapies in the rare heart disease market.
