Low Inotersen Expectations Already in Our Ionis Estimates; Maintaining Our $47 FVE After 3Q
We are maintaining our $47 fair value estimate for no-moat Ionis following third-quarter results. Last week, Ionis and competitor Alnylam reported additional data for their respective amyloidosis drug programs, prompting the two stocks to spring in opposite directions as investors overwhelmingly sided with the safety and efficacy profile of Alnylam’s patisiran. We had already baked in low expectations for Ionis’ inotersen when safety issues surfaced in its program in May. However, we stress that...Ionis Pharmaceuticals is engaged in discovering and developing RNA-targeted therapeutics. The company has two commercial medicines, SPINRAZA and TEGSEDI. SPINRAZA (nusinersen) injection for intrathecal use is a survival motor neuron-2, directed antisense oligonucleotide indicated for the treatment of spinal muscular atrophy in pediatric and adult patients. TEGSEDI (inotersen) injection is a Generation 2+ antisense medicine and an approved subcutaneous RNA-targeting medicine designed to treat people with polyneuropathy caused by hereditary transthyretin amyloidosis.
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