Ionis Stock Has Plunged 30%. Is It Time to Buy the Beaten-Down Stock?

Ionis Pharmaceuticals stock has fallen 30% year-to-date following the failure of its heart drug Eplontersen in clinical trials. However, the company showed mixed results: Q2 revenue declined 41% year-over-year (excluding a one-time payment), but adjusted revenue grew 56%. The company received FDA approval for Tryngolza for severe hypertriglyceridemia and saw strong growth in Dawnzera sales. Despite the setback, Wall Street maintains a strong buy rating with a $115 price target, though investors remain concerned about Tryngolza's commercial traction and competition from Arrowhead Pharmaceuticals.