IONS: We're Back, Part 2

Don't Miss The Forest From The Trees

This will be a “best ideas only” bio substack providing actionable, highly digestible and high conviction value to investors focused on quality not quantity. Disclaimer: Nothing in this article (or substack) is considered investment advice and is solely the opinion of the author.

I previously wrote about Ionis Pharmaceuticals on June 12, 2025 and the original note went out with the stock around $35 and a $79 target, on the argument that the market had no idea how to price a pipeline this broad and would be forced to learn when the launches landed. Over the following twelve months the stock more than doubled, blew through the target, and topped out at $86.74 in June. Tryngolza’s launch, the HAE approval, the commercial build — the catalysts I said would drive it landed roughly on schedule and mostly better than I modelled.