Ionis Pharmaceuticals is trading 7.5% down now at $53.73. This decline is primarily driven by the continued market reaction to the recent failure of the Phase 3 Lp(a)HORIZON study for pelacarsen, co-developed with Novartis, which did not significantly reduce major cardiovascular events. - This compounds an already difficult period for Ionis, following the July 9th failure of the eplontersen CARDIO-TTRansform trial. - Analysts have responded by cutting price targets for IONS, reflecting the significant financial implications from the loss of future royalties and milestones associated with pelacarsen.