Investors Dumped Ionis Pharmaceuticals Stock -- But Wall Street Hasn't Budged From Its Bullish Outlook

Shares of Ionis Pharmaceuticals ( IONS -4.94% ) are down more than 40% so far this year and are almost half of their 52-week high of $86.74. While there are plenty of valid reasons for that tumble, analysts still average a lofty price target of $83.82 for the stock, with most putting it as a buy or a strong buy.

The company focuses on neurology treatments and cardiometabolic diseases and has six approved therapies, mostly for rare diseases: Zanvastro treats Alexander disease, a brain disorder; Dawnzera is a therapy for hereditary angioedema, a generic disorder that causes severe swelling; Qalsody treats a genetic cause of amyotrophic lateral sclerosis (ALS); Spinraza is used to treat spinal muscular atrophy; Wainua lowers the production of TTR protein, which can cause amyloid plaques; and Triglycerol is used to treat adults with high triglycerides.