Ionis Stock Has Plunged 30%. Is It Time to Buy the Beaten-Down Stock?

Ionis Pharmaceuticals (IONS) has dropped 30% year-to-date after its heart drug Eplontersen failed in clinical trials, creating a potential entry point as Wall Street maintains a strong buy rating with a $115 price target.

The company reported contrasting Q2 results: revenue declined 41% year-over-year when excluding a one-time payment, but adjusted revenue climbed 56%. The FDA approved Tryngolza for severe hypertriglyceridemia during the quarter, adding a new commercial asset to the portfolio. Dawnzera sales showed strong growth, though specific figures were not disclosed.

The Eplontersen setback represents a significant pipeline blow, but analysts remain bullish on the company's broader antisense platform and existing commercial products. The mixed revenue picture reflects the transition from legacy contracts to newer product sales.

Key investor concerns center on Tryngolza's ability to gain commercial traction in a competitive market and pressure from rival Arrowhead Pharmaceuticals developing competing therapies.