Ionis Shares Surge to New Peak on Promising Hepatitis B Trial Data

Ionis Pharmaceuticals' stock is reaching unprecedented levels, continuing a remarkable upward trajectory. During pre-market trading, the equity hit a fresh 52-week high of $85.64. This latest surge was catalyzed by the release of positive late-stage clinical trial results for its hepatitis B treatment candidate, Bepirovirsen, announced late the previous day.

The rally finds its immediate cause in the successful outcome of the B-Well Phase 3 program. Development partner GSK confirmed that Bepirovirsen met its primary efficacy endpoints in both pivotal studies. The investigational therapy demonstrated a statistically significant and clinically meaningful functional cure rate for patients with chronic hepatitis B.

In response to these findings, GSK has outlined plans to initiate global regulatory submissions in the first quarter of 2026. For Ionis, this achievement triggers potential milestone payments totaling up to $150 million. Furthermore, the company stands to receive tiered royalties ranging from 10% to 12% on the therapy's future net sales.

The positive data has prompted swift reactions from financial institutions. RBC Capital Markets lifted its price target to $95.00 while maintaining an "Outperform" rating. In a separate move, TD Cowen reaffirmed its "Buy" recommendation, setting a target of $99.00. Market experts cite the validation of the substantial hepatitis B market opportunity and Ionis's ongoing evolution into a fully integrated commercial enterprise.

Should investors sell immediately? Or is it worth buying Ionis?

Broader Pipeline Momentum and Strategic Shift

The Bepirovirsen success adds to a series of recent regulatory advancements for the company. Late in 2025, two of its independent drug candidates—Zilganersen and Olezarsen—were granted Breakthrough Therapy designation by the U.S. Food and Drug Administration. Ionis had also recently raised its 2025 revenue guidance, driven by the robust initial launch sales of Tryngolza.

Collectively, these developments underscore a strategic transformation. The company's profile is shifting from a research-focused biotechnology firm to an active commercial participant. The combination of growing royalty revenue streams and the impending commercialization of its hepatitis B portfolio has significantly brightened the outlook for sustained profitability.

Investor attention now turns to the 44th Annual J.P. Morgan Healthcare Conference scheduled for January 13, 2026. Ionis CEO Brett P. Monia is expected to deliver a corporate overview at the event. The market anticipates further details on the submission timeline for Zilganersen, which remains on track for the first quarter of 2026.