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Shares of Ionis Pharmaceuticals (IONS) - Get Ionis Pharmaceuticals, Inc. Report jumped Thursday after a vote of confidence by an industry analyst who sees potential in a new line of drugs the company is developing.

Ionis' stock price shot up 4.45% to $62.40 after a Wells Fargo analyst boosted his price target on the pharma company's stock to $120 from $90.

Wells Fargo analyst Jim Birchenough wrote that he sees big potential in Ionis' new pipeline of drugs based on antisense oligonucleotide, or ASO, technology, Bloomberg reported. ASO is emerging as a key area of research in the hunt for treatments for ALS, the progressive neurodegenerative disease.

"While current value and near-term focus remains on approved products ... we believe that greater value may exist from its growing ASO pipeline," the Wells Fargo analyst wrote.

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The report sees the value of Ionis' current products and research revenue totaling $58 a share, with the remaining $62 a share coming from its new pipeline of ASO products.

Ionis' developing treatment of Huntington's disease counts for as much as $26 a share in potential value and $6.50 a share in "probability adjusted value," the analyst wrote.