Piper taking 'glass half full' view of Tegsedi, but maintains Neutral on Ionis
Piper Jaffray analyst Tyler Van Buren noted that Spinraza royalties paid to Ionis Pharmaceuticals came in higher than expected in Q3 due to the continued uptake in the U.S. and more linear growth outside of the U.S. He also noted that Tegsedi is now launched in multiple global markets, but cautioned that the initial launch will likely require patience due to the need for REMS and platelet monitoring logistics to "get sorted out," which leads him to keep a Neutral rating on Ionis shares. However, Van Buren said he is taking a "glass half full" stance as feedback from key opinion leader doctors leads him to see the chance for Tegsedi sales to eventually surprise to the upside. Van Buren has a $50 price target on Ionis shares.