No Major Surprises in Ionis' Second-Quarter Results; Shares Fairly Valued
Following an unsurprising second-quarter release, Ionis' shares continue to look fairly valued. The market had rallied to positive phase 3 results for nusinersen in infants with type 1 spinal muscular atrophy, which was released earlier this month. The company expects to file for approval in U.S. and European markets by the end of the year and bring the drug to market in 2017. As this timeline is already baked into our model assumptions, we do not plan on changing our $40 fair value estimate. Wh...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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