On September 17, Ionis Pharmaceuticals fell 5.25% in regular trading, trading at $44.75/share, with turnover of $202 million, extending its recent downward trajectory.

On the news front, the company's cardiovascular pipeline has suffered back-to-back setbacks. On September 8, pelacarsen, a cardiovascular drug co-developed with Novartis, failed to meet the primary endpoint in a late-stage clinical trial, triggering a 13% pre-market plunge that day. Earlier in July, eplontersen, developed in partnership with AstraZeneca for transthyretin-mediated amyloid cardiomyopathy, also failed its Phase 3 primary efficacy endpoint, which had sent shares down over 20% in a single session. The consecutive failures of two key cardiovascular candidates have severely undermined market confidence in the company's core R&D capabilities.

Additionally, Bank of America recently lowered its price target on the stock to $91 from $93, while TD Cowen cut its target to $94 from $108, reflecting a continued downward revision in institutional expectations and intensifying selling pressure.

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