J.P. Morgan Raises the PT on Ionis Pharmaceuticals (IONS), Keeps a Hold Rating

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) is one of the Best Mid Cap Growth Stocks to Buy According to Hedge Funds. On August 25, J.P. Morgan analyst Jessica Fye raised the price target on Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) from $48 to $49, while maintaining a Hold rating on the stock.

The analyst noted that the recent FDA approval of Dawnzera for hereditary angioedema is a positive step for the company. The key advantage of the drug is its long dosing interval, which is expected to help the company gain market share despite tough competition. However, regardless of this positive development, the analyst remains cautious on the stock due to the pricing of the drug. Fye noted that the price is much higher than initially expected, which raises doubts about how quickly the patients would switch to this treatment.

The analyst also highlighted that although the warning labels for the drug are in line with expectations, the market reaction is still uncertain. The FDA approved Dawnzera on August 21, and the stock has fallen around 3.28% since then.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) develops medicines for serious diseases, focusing on neurologic and cardiovascular conditions.

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Disclosure: None. This article is originally published at Insider Monkey.