Sitting at a market cap of $6.8 billion, Ionis Pharmaceuticals (IONS) is a U.S.-based biotech company that develops RNA-targeted therapeutics to treat diseases caused by genetic or biochemical dysregulation. Ionis has many approved products in the market, most in collaboration with large pharmaceutical companies. However, it independently launched its sole product, Tryngolza, in December of last year. The drug had a blockbuster performance following its commercial launch. IONS stock has surged 21.5% year-to-date, outperforming the market.
Based on the biotech's strong second-quarter results, Morgan Stanley analyst Michael Ulz upgraded the stock to a "Buy" with about 45% upside potential, based on the target price of $62.
