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Ionis stock drops 8.6% after pelacarsen fails Phase 3 trial

  • Ionis Pharmaceuticals’ pelacarsen failed a Phase 3 cardiovascular-outcomes trial.
  • Ionis shares fell 8.6% after the trial result.
  • A Canaccord Genuity analyst maintained an $85 price target for Ionis.

Ionis Pharmaceuticals suffered an 8.6% stock decline after its experimental heart drug pelacarsen failed a Phase 3 trial to reduce cardiovascular events. Despite the setback, an analyst from Canaccord Genuity maintained a bullish $85 price target for the company.

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