12:00 PM EDT, 05/07/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target to $49 from $53, based on our DCF analysis. We widen our 2024 LPS view to -$3.17 from -$2.72 and 2025's to -$2.14 from -$1.85. Ionis' Q1 LPS of $0.98 vs. 0.87, missed expectations, $0.38 above our forecast and $0.17 above the consensus estimate, due mainly to lower-than-anticipated top-line sales and higher-than-anticipated R&D costs (+8% Y/Y). Q1 total revenues of $119M, down 9% Y/Y, missed expectations, $17M below the consensus estimate and $26M below our forecast due to lower-than-expected Spinraza revenues ($38M vs. $50M), which IONS attributed to the timing of shipments internationally. Following the launch of WAINUA in the U.S. in Q1 (jointly developed and commercialized with AstraZeneca), IONS has a new source of revenue, which was rather limited in Q1 ($1M) but is expected to rise gradually with increased uptake and the anticipated regulatory approvals in key markets, Europe and Canada. IONS reiterated its total revenue guidance of above $575M for 2024, which we view as achievable.