• In late January 2026, Barclays analyst Eliana Merle initiated coverage on Ionis Pharmaceuticals with a positive rating, spotlighting its RNA-targeted therapy pipeline and extensive collaborations with large biopharma partners.
• This coverage underscored how Ionis’s late-stage candidates like Olezarsen and Donidalorsen, alongside alliances with firms such as Biogen and AstraZeneca, are shaping investor interest in the company’s future prospects.
• Next, we’ll examine how this supportive analyst attention on Ionis’s RNA pipeline and partnerships shapes the company’s broader investment narrative.

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What Is Ionis Pharmaceuticals' Investment Narrative?

For Ionis, the big-picture belief is that its RNA-targeted platform and growing list of potential launches can eventually justify today’s valuation despite ongoing losses and a rich price-to-sales multiple. The recent Barclays initiation with a positive stance reinforces confidence around near-term catalysts such as further olezarsen and donidalorsen uptake, upcoming regulatory decisions for zilganersen, and business updates flagged for 2026, but it does not materially change those underlying drivers. Instead, it adds another supportive voice to a story already reflected in a very strong one-year share price move and a consensus target only modestly above the current price. The biggest risks still sit with execution: converting promising late-stage data and Breakthrough Therapy designations into sustainable revenue while managing high cash burn and legal disputes like the Arrowhead patent case.

However, one key legal and execution risk remains easy to underestimate. Ionis Pharmaceuticals' shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Four fair value estimates from the Simply Wall St Community span roughly US$36 to over US$260 per share, showing just how far apart individual projections on Ionis can sit. Set against the company’s recent analyst attention and heavy reliance on successful late-stage approvals, this spread underlines why you may want to compare multiple viewpoints before forming your own view on the stock’s long-term potential.

Explore 4 other fair value estimates on Ionis Pharmaceuticals - why the stock might be worth over 3x more than the current price!

Build Your Own Ionis Pharmaceuticals Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Ionis Pharmaceuticals research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free Ionis Pharmaceuticals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Ionis Pharmaceuticals' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.