IONS Stock Heads Toward Biggest Single-Day Slump In Over 5 Years – Retail Calls It ‘Opportunity Of A Lifetime’

• The study did not show a statistically significant reduction in the combined risk of cardiovascular death and recurrent events compared with placebo.
• Ionis and AstraZeneca plan to complete a full analysis of the data and present the results at the European Society of Cardiology Congress in August.
• IONS stock is witnessing strong resistance near the $86.74 level.

Shares of Ionis Pharmaceuticals (IONS) crashed more than 20% in pre-market trading on Thursday, tracking their lowest levels in seven months, after the biotech firm’s late-phase trial to treat a heart disease failed to meet its primary goal.

If the pre-market levels hold after the opening bell, IONS stock would clock its biggest single-day slump since March 2021.

Trial Shows No Significant Improvement

On Thursday, Ionis announced that its Phase 3 CARDIO-TTRansform trial, in partnership with AstraZeneca (AZN), to treat patients with transthyretin-mediated amyloid cardiomyopathy (ATTR-CM) failed to meet its primary endpoint.

The study, using Eplontersen, did not show a statistically significant reduction in the combined risk of cardiovascular (CV) death and recurrent CV events through Week 140 compared with placebo. No treatment benefit was seen in patients already taking stabilizer therapy.

Despite missing the primary endpoint, several secondary, imaging, and biomarker measures favored Eplontersen, and the drug produced large, sustained reductions in transthyretin protein levels. The company said Eplontersen's safety profile remained consistent with previous studies.

AZN shares fell nearly 9% in pre-market.

What’s Next?

Ionis and AstraZeneca plan to complete a full analysis of the data and present the results at the European Society of Cardiology Congress in August. Eplontersen is already approved in more than 20 countries for treating hereditary transthyretin-mediated amyloid polyneuropathy.

IONS Stock Fails To Breach This Key Resistance Level

IONS stock climbed as high as $86.74 in the previous session before paring the gains to close 2.2% lower. The level has emerged as a long-term technical barrier, with the stock also failing to break above $86.74 in February this year. IONS last tested this resistance area in April 2017.

Retail Sees Buying Opportunity At Current Levels 

However, retail sentiment surrounding IONS on Stocktwits changed to ‘bullish’ from ‘neutral’ a day earlier, amid ‘high’ message volumes.

One investor called the current levels an “opportunity of a lifetime.”

Another user said IONS is “undervalued,” pegging $120-$150 as the levels “it should be” trading at.

IONS shares have gained around 6% so far this year, while AZN stock has edged down around 2%.

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