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2017-05-15 09:33:26 IONS Ionis Pharmaceuticals $47.08 2.16 (4.81%) , ALNY Alnylam $56.77 1.41 (2.55%) 09:33 05/15/17 05/15 09:33 05/15/17 09:33	Ionis safety issues 'not insurmountable,' says Piper Jaffray Piper Jaffray analyst Joshua Schimmer says that while Ionis Pharmaceuticals' (IONS) Phase 3 results for the NEURO-TTR study met both primary endpoints, the safety findings confirmed concerns about thrombocytopenia sequelae and also brought to light renal serious adverse event. The renal toxicity has been a platform concern, historically, "but we are surprised to see it pop up again considering the company's dismissal of it as a concern," Schimmer tells investors in a research note. He notes, however, that no other events occurred since Ionis implemented more intensified platelet and renal monitoring. Schimmer believes the safety issues are "not insurmountable" and that IONIS-TTRrx is still approvable. The analyst maintains an Overweight rating on Ionis with a $51 price target. The stock in early trading is down $4.05 to $43.03. Competitor Alnylam (ALNY) is trading up 14% to $64.58. IONS Ionis Pharmaceuticals $47.08 2.16 (4.81%) ALNY Alnylam $56.77 1.41 (2.55%)	15 May 18 May 22 May 24 May 06 Jun
IONS ALNY IONS Ionis Pharmaceuticals $47.08 2.16 (4.81%) 05/15/17 05/15/17 NO CHANGE Target $118 Overweight Piper calls Ionis data 'best case scenario' for Alnylam Piper Jaffray analyst Edward Tenthoff views this morning's data from Ionis Pharmaceuticals (IONS) as the "best case scenario" for Alnylam (ALNY). Ionis reported top-line Phase III IONS-NEURO-TTR data meeting the co-primary endpoint, but with continued platelet and kidney toxicity including one death from intracranial hemorrhage. These data validate the mechanism of action of TTR lowering therapy and indicate that Alnylam's patisiran is the safer drug despite less convenient intravenous administration with steroid pre-treatment, Tenthoff tells investors in a research note. The analyst reiterates an Overweight rating on Alnylam with a $118 price target. The shares in premarket trading are up 14.5%, or $8.23, to $65.00. Ionis is trading down 9%, or $4.12, to $42.96. 05/10/17 PIPR 05/10/17 NO CHANGE Target $51 PIPR Overweight Piper cuts Ionis price target after trial sponsor gets warning letter The FDA warning letter sent to a clinician in a TTR investigator-initiated cardiomyopathy study site "exposes a number of relevant concerns regarding the thrombocytopenia risk that will likely impact commercial outlook for a number of earlier generation antisense products in the portfolio," Piper Jaffray analyst Joshua Schimmer tells investors in a research note on Ionis Pharmaceuticals. The analyst asks: "If a study center can't adhere to strict monitoring of platelets, then how can this be expected in the real world setting?" He lowered his price target on shares of Ionis to $51 from $66 but keeps an Overweight rating on the name. Schimmer remains positive on the shares due to his outlook for Spinraza and the utility of the next-gen antisense products. Ionis in midday trading is down 8%, or $3.99, to $42.81. 05/10/17 PIPR 05/10/17 NO CHANGE Target $51 PIPR Overweight Ionis price target lowered to $51 from $66 at Piper Jaffray 05/10/17 BMOC 05/10/17 NO CHANGE BMOC Outperform Ionis selloff on FDA warning letter unwarranted, says BMO Capital ALNY Alnylam $56.77 1.41 (2.55%) 04/26/17 PIPR 04/26/17 NO CHANGE Target $66 PIPR Overweight Alnylam data for patisiran encouraging for Ionis, says Piper Jaffray Piper Jaffray analyst Joshua Schimmer, while acknowledging "notable" differences between the approaches and trials of Alnylam (ALNY) and Ionis (IONS), said the fact that Alnylam's patisiran removed deposited amyloid from the thigh and leg of patients treated in a Phase 2 trial is encouraging. The analyst, who would expect Ionis' IONS-TTRRx to similarly reduce amyloid over time, is "cautiously optimistic" ahead of the company's forthcoming Phase 3 trial data and keeps an Overweight rating and $66 price target on Ionis shares. 04/17/17 BMOC 04/17/17 INITIATION Target $73 BMOC Outperform Alnylam initiated with an Outperform at BMO Capital BMO Capital initiated Alnylam with an Outperform and a $73 price target. 03/30/17 03/30/17 INITIATION On The Fly: Top five analyst initiations Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Sunoco (SUN) initiated with a Sell at Goldman. 2. CyberArk (CYBR) initiated with an Equal Weight at Morgan Stanley. 3. Humana (HUM) reinstated with an Outperform at Oppenheimer. 4. Qualys (QLYS) initiated with an Overweight at Morgan Stanley. 5. Alexion (ALXN), AveXis (AVXS), and Spark Therapeutics (ONCE) were initiated with a Buy at UBS, while Alnylam (ALNY) and BioMarin (BMRN) were initiated with a Neutral, and United Therapeutics (UTHR) was initiated with a Sell. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

2017-05-15 09:33:26

IONS

Ionis Pharmaceuticals

$47.08: 2.16 (4.81%)

, ALNY

Alnylam

$56.77: 1.41 (2.55%)

09:33

05/15/17

05/15

09:33

05/15/17

09:33

Ionis safety issues 'not insurmountable,' says Piper Jaffray

Piper Jaffray analyst Joshua Schimmer says that while Ionis Pharmaceuticals' (IONS) Phase 3 results for the NEURO-TTR study met both primary endpoints, the safety findings confirmed concerns about thrombocytopenia sequelae and also brought to light renal serious adverse event. The renal toxicity has been a platform concern, historically, "but we are surprised to see it pop up again considering the company's dismissal of it as a concern," Schimmer tells investors in a research note. He notes, however, that no other events occurred since Ionis implemented more intensified platelet and renal monitoring. Schimmer believes the safety issues are "not insurmountable" and that IONIS-TTRrx is still approvable. The analyst maintains an Overweight rating on Ionis with a $51 price target. The stock in early trading is down $4.05 to $43.03. Competitor Alnylam (ALNY) is trading up 14% to $64.58.

IONS

Ionis Pharmaceuticals

$47.08: 2.16 (4.81%)

ALNY

Alnylam

$56.77: 1.41 (2.55%)

15
May
18
May
22
May
24
May
06
Jun

IONS
ALNY

IONS Ionis Pharmaceuticals

$47.08: 2.16 (4.81%)

05/15/17

05/10/17: PIPR

05/10/17: PIPR

05/10/17: BMOC

ALNY Alnylam

$56.77: 1.41 (2.55%)

04/26/17: PIPR

04/17/17: BMOC

03/30/17

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