A strong drug pipeline could boost shares of Ionis Pharmaceuticals in the future, JPMorgan says. Analyst Jessica Fye upgraded the biotech company, which develops human therapeutic drugs using antisense technology, to an overweight rating from neutral, and boosted her 12-month price target on the stock to $80 from $49. Shares of Ionis Pharmaceuticals have nearly tripled over just the past six months, soaring 170%. JPMorgan's updated forecast is about 16% above where Ionis closed Tuesday. IONS YTD mountain IONS YTD chart As a catalyst, Fye touted several drugs that Ionis is currently developing. "Yes, IONS shares have enjoyed a strong rally YTD off of an arguably depressed level, however after reviewing our model and in particular raising estimates for olezarsen on the strong [acute pancreatitis] benefit, as well as breaking out risk-adjusted credit for ION582 (Angelman) and zilganersen (AxD), we expect continued outperformance from here, hence our rating change," the analyst wrote. Fye pointed to an opportunity for Ionis to expand olezarsen, currently used to reduce triglycerides in adults with familial chylomicronemia syndrome, or FCS, into the severe hypertriglyceridemia market, or sHTG. That would expand the drug's use beyond FCS alone. "IONS estimates that sHTG affects > 3mm patients in the U.S. alone, roughly 1mm of whom are high-risk," Fye wrote. "Stepping back, the clear impact on AP changes our view of olezarsen's commercial potential in sHTG and we are essentially doubling our 2033 sales forecast to $1bn from just over $500mm before." The analyst also pointed to Ionis' strong drug pipeline as another tailwind for the stock. "We believe Ionis is a uniquely positioned company given the depth and diversity of its pipeline, in addition to its validated technology platform and numerous collaborations," she wrote. "Looking ahead, with multiple wholly-owned and partner launches underway/on the horizon, we see IONS entering a new phase with a clearer path to breakeven and profitability and with multiple readouts ahead, we see further levers for upside should the pipeline deliver." ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
