IONS - Embedded Expectations Analysis - 2021 04 19
Ionis Pharmaceuticals, Inc. (IONS:USA) currently trades at a premium relative to UAFRS-based (Uniform) assets, with a 2.0x Uniform P/B. At these levels, the market has expectations for profitability to remain stable, but management may be concerned about their medicine and technology investments, drug and treatment studies, and their LICA platformSpecifically, management may have concerns about their new technology enhancements to the antisense platform, the results of their ENaC cystic fibrosis clinical trials, and the progress of their acromegaly program. In addition, they may lack confidence in their ability to increase investments in medicines and technology, initiate additional clinical trials to coincide with their ENaC studies, and find partnerships to expand their LICA platform. Also, they may be overstating the potential of their ENAC-2.5Rx and AGT-LRx medicines as well as the progress of their three potential new medicine launches
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.
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:
- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.