Shares of Ionis Pharmaceuticals (IONS) - Get 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.

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.