Sep. 2 at 2:32 PM
BofA⬆️the PT on
$IONS to Nice from
$64, reit'd Buy and said, Ph3 CORE trials hit upside case on
reductions in triglycerides and AP risks; Ph3 CORE hits on all fronts on key efficacy metrics
This morning, lonis (
$IONS) reported positive results from the Ph3 CORE program with
'best case' efficacy data for olezarsen (APO-C3) in severe hypertriglyceridemia (sHTG).
Notably, the olezarsen high dose demonstrated up to 72% placebo-adjusted lowering in triglycerides (TG) and a highly stat. sig. reduction in acute pancreatitis (AP) events.
In our view, the AP win is likely driving today's stock outperformance since demonstrating an outcome benefit was widely viewed as key to unlocking the commercial potential of olezarsen in sHTG.
As such, our ~
$1BN peak US sales projection for olezarsen is now largely de-risked (un-risk adjusted vs. 75% POS prior), which bumps up our PO to
$69
from
$64. We reiterate Buy on
$IONS on upside potential ahead of 2025-26 catalysts.
$ARWR $ETNB $ALNY RGLS-
$NVS REGN
