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Ionis Pharmaceuticals (IONS) Sets Up New Cardiology Data, Is The Stock Still Undervalued?

Simply Wall St · 1d ago

Ionis Pharmaceuticals (IONS) is drawing attention after announcing that new clinical data for its triglyceride and cardiology programs will be featured at the European Society of Cardiology Congress 2026 in Munich later this month.

For investors watching Ionis Pharmaceuticals, the upcoming ESC presentations arrive after a mixed share price pattern, with a 12.55% 1 month share price return but a year to date share price decline of 23.02%, while the 5 year total shareholder return of 65.89% points to stronger longer term momentum.

Spot opportunities around Ionis Pharmaceuticals by scanning a hand picked 38 healthcare AI stocks that are also pushing the frontier in data driven treatments and cardiometabolic care.

Bulls point to Ionis Pharmaceuticals’ growing RNA medicine portfolio and fresh cardiometabolic data, while bears focus on recent share price weakness and ongoing losses. As you weigh the stock today, the question is which side the current valuation appears to support.

Most Popular Narrative: 30.3% Undervalued

Ionis Pharmaceuticals' most followed valuation narrative places fair value at $88.00 compared with the last close of $61.33, which frames a sizeable implied upside that hinges on how its RNA medicines ramp from today’s loss making base.

The rapid revenue growth and positive launch trajectory for Tryngolza in familial chylomicronemia syndrome (FCS), along with the imminent launch of Donidalorsen for HAE and multiple late-stage pipeline assets reading out or launching by 2027, are set to drive sustained, stepwise increases in top-line revenue and operating leverage as Ionis transitions from R&D-heavy to commercial-stage.

Read the complete narrative.

Want to see what underpins that $88.00 fair value for Ionis Pharmaceuticals. The narrative leans on steep revenue expansion, margin improvement, and a future earnings multiple that assumes meaningful scale. Curious which specific growth path and profitability mix need to land for those numbers to add up.

Result: Fair Value of $88.00 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, these assumptions on Ionis Pharmaceuticals rest heavily on successful approvals for Donidalorsen and Olezarsen and on pricing in broader severe hypertriglyceridemia markets holding up.

Find out about the key risks to this Ionis Pharmaceuticals narrative.

Another View on Ionis Pharmaceuticals' Valuation

The analyst narrative argues Ionis Pharmaceuticals is 30.3% undervalued based on future earnings and a very high implied P/E in 2029. However, our DCF model points to a fair value of $345.20 versus the current $61.33, which flags a much larger gap. Which signal do you trust more for your own assumptions?

Look into how the SWS DCF model arrives at its fair value.

IONS Discounted Cash Flow as at Sep 2026
IONS Discounted Cash Flow as at Sep 2026

Next Steps

After weighing both the bullish and bearish angles on Ionis Pharmaceuticals, it makes sense to move quickly and review the data yourself so your view is based on evidence rather than headlines. Start by checking the 2 key rewards

Looking for more investment ideas beyond Ionis Pharmaceuticals?

If you stop at Ionis Pharmaceuticals, you risk missing other opportunities that could suit your portfolio just as well. Broaden your watchlist and give yourself more options.

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.