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Fly News Breaks for January 23, 2017
IONS
Jan 23, 2017 | 15:03 EDT
Janney Capital analyst Debjit Chattopadhyay lowered Ionis Pharmaceutical's price target to $42 following Anthem's preliminary reimbursement decision limiting Spinraza to Type I SMA patients and continuation of therapy after six months will be dependent on documentation of clinically significant improvement in SMA-associated symptoms. The analyst said Anthem's limited coverage decision may be a function of price and efficacy and may set a precedent for others. Based on potential reimbursement hurdles, Chattopadhyay lowered his sales projections and now expects sales to approach $1.8B in 2022, versus consensus of $1.7B and maintains a Neutral rating on Ionis shares.
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