Piper Jaffray analyst Tyler Van Buren says he's "incrementally more positive" on shares of Ionis Pharmaceuticals after hosting meetings with management. The company is in a "healthy and very rare" financial position relative to other mid-cap biotechs with ongoing profitability, $2.3B in cash, and nearly $400M in "durable" annual research and development revenues that offset R&D expenses, Van Buren tells investors in a research note. This provides Ionis valuation support, long-term stability, and allows for value creation on a "step-function basis" as each additional clinical asset becomes de-risked, adds the analyst. Van Buren keeps a Neutral rating on the shares with a $75 price target.