On July 10, Ionis Pharmaceuticals declined 6.04% in regular trading, trading at approximately $59.29/share with turnover of $42.76 million, extending the prior session's over 20% plunge.

The continued sell-off stems from the announcement that Ionis and partner AstraZeneca's drug Eplontersen failed to meet the primary efficacy endpoint in the Phase 3 Cardio-Ttransform trial for transthyretin-mediated amyloid cardiomyopathy (ATTR-CM). The primary endpoint was a composite of cardiovascular mortality and recurrent cardiovascular clinical events up to week 140 versus placebo. The companies noted that in patients already on standard of care including stabilizers, adding eplontersen did not provide statistically significant benefit. ATTR-CM represents a core indication in Ionis's cardiometabolic pipeline, making this failure a major strategic setback.

Adding further pressure, TD Cowen cut its price target on Ionis from $108 to $94 while maintaining a Buy rating. Ionis and AstraZeneca plan to present full data at the European Society of Cardiology Congress in August.

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