Ionis Pharmaceuticals Inc (IONS) Stock Dips on Goldman Sachs Downgrade

Ionis Pharmaceuticals Inc (NASDAQ:IONS) shares fell as the company received a downgrade from Goldman Sachs Group Inc (NYSE:GS).

Ionis Pharmaceuticals Inc (IONS) The company saw its stock plummet following the downgrade, which came only four days after the pharmaceutical company unveiled that its trial for medication Volanesorsen resulted in mixed findings.

The study did manage to meet its primary endpoint, but five patients had to cease moving forward with the experiment due to injections site reactions. Following modest gains mid-week, the stock was down once again today.

Goldman Sachs analyst Salveen Richter said “IONS is an early pioneer of antisense RNA therapies and while the technology has the potential to address ‘undruggable”’targets in broad therapeutic areas, a lackluster track record of developing successful drugs along with platform toxicity indicates a ‘show me’ story.”

The analyst added that the firm questions whether or not Volanesorsen would be commercially viable “and recognize Ph3 TTR-Rx faces clinical and competitive risk. Next-gen LICA drugs and neurology targets, a focus, are unproven.”

The medication in question is designed to help treat patients with elevated levels of triglycerides in the blood, or hypertriglyceridemia. Triglycerides are part of the muscle’s constitution as they help to offer energy to your body.

Abdominal pain and inflamed pancreas can occur as a result of having this ailment.

IONS shares fell 10.8% Friday.

Article printed from InvestorPlace Media,

©2021 InvestorPlace Media, LLC