2023-06-07 09:19:40 ET
Ionis Pharmaceuticals ( NASDAQ: IONS ) lost ~6% pre-market Wednesday after announcing plans to offer $500M of senior convertible notes due 2028 in a private placement for institutional investors.
The company also intends to give the initial buyers an option to purchase up to $75M worth of additional convertible notes within 13 days from the offering.
Ionis ( IONS ) plans to use the net proceeds from the offering to purchase its 0.125% Convertible Senior Notes due 2024 and for general corporate purposes.
Meanwhile, Piper Sandler assumed coverage on Ionis ( IONS ) with an Overweight recommendation Wednesday, arguing that the company focused on RNA-targeted therapeutics is on track to record over $1B in revenue by 2026 and achieve profitability by 2027.
The analyst Allison Bratzel anchors her thesis on the company’s late-stage assets, eplontersen for ATTR amyloidosis, olezarsen for lipid disorders, and donidalorsen for hereditary angioedema.
Bratzel estimates a $58 per share target for IONS citing upcoming near-term catalysts for the company, including the potential FDA approval of eplontersen for polyneuropathy caused by hereditary TTR amyloidosis.
More on Ionis
- Ionis, AstraZeneca's eplontersen meets goals in phase 3 ATTRv-PN trial
- Ionis: Late Stage Trials Bump Expenses - Revenues Lag
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Ionis Pharma slips on convertible debt offering