Ionis Shares Up 4% After FDA Clears Tryngolza, Goldman Sachs Lifts Target to $75
IONS•Ionis Pharmaceuticals gained FDA approval for Tryngolza as the first treatment to cut triglycerides by up to 72% and reduce pancreatitis risk by 91% based on CORE and CORE2 data. Shares jumped 4% after-hours following Goldman Sachs’ increase of its price target to $75 ahead of a July U.S. launch.
1. FDA Approval and Clinical Data
The FDA granted full approval for Tryngolza to treat adults with severe hypertriglyceridemia, marking it as the first and only therapy to reduce both elevated triglycerides and acute pancreatitis risk. CORE and CORE2 trials showed placebo-adjusted triglyceride reductions up to 72% at six months (sustained through 12 months) and a 91% drop in pancreatitis events, with 86% of patients achieving levels below 500 mg/dL.
2. Analyst Response and Stock Reaction
Following the approval announcement, Ionis shares rose 4% in after-hours trading after Goldman Sachs raised its price target to $75 from $74 while maintaining a Neutral rating; the new target still implies about a 2% downside from the last close. Retail sentiment remained bullish as investors weighed the approval’s potential to drive early revenue.
3. July Commercial Launch and Market Opportunity
Ionis plans a U.S. launch in July of Tryngolza as a once-monthly subcutaneous injection available in 50 mg and 80 mg doses via autoinjector, with injection site reactions and liver enzyme elevations as the most common side effects. CEO Brett Monia noted severe hypertriglyceridemia affects over three million Americans, highlighting a significant addressable market and an expanded label beyond familial chylomicronemia syndrome.
