Cathie Wood Bets Big on Ionis Pharmaceuticals After Stock Decline
Cathie Wood's ARK Genomic Revolution ETF purchased $15.3 million worth of Ionis Pharmaceuticals shares after the stock dropped nearly 37% from its 2026 high. The decline followed a surprise late-stage trial failure for eplontersen, a drug for ATTR-CM developed with AstraZeneca. However, Wood appears to be taking a long-term view, betting on Ionis's recent FDA approval of Tryngolza for severe hypertriglyceridemia (sHTG), which expands its market from 3,000 to over 3 million patients in the U.S. Tryngolza reduced acute pancreatitis events by up to 91%. Ionis is shifting from a licensing model to commercializing its own drugs, aiming for cash flow break-even by 2028. First-quarter revenue rose 86% year over year to $246 million, with net loss narrowing to $118 million. Wall Street projects Tryngolza peak sales of $3 billion.
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