Ionis Pharmaceuticals shares have fallen about 30% year to date, dropping from roughly $86 in July to around $56, after its heart drug Eplontersen failed to prove efficacy and its second-quarter report raised concerns. Revenue fell 41% to $268 million from $452 million a year earlier, though the prior-year figure included a $280 million one-time payment from Ono Pharmaceuticals; excluding that, revenue grew about 56%. The company posted a net loss of $115 million versus net income of $124 million last year, while management reaffirmed full-year 2026 revenue guidance of $875 million to $900 million. Ionis received FDA approval on June 24 for Tryngolza to treat severe hypertriglyceridemia, and Dawnzera sales rose 63% sequentially. Wall Street analysts maintain a strong buy rating with a high price target of $115, but the company still faces intensifying competition from Arrowhead Pharmaceuticals in the hypertriglyceridemia market.
