It is time to buy shares of Ionis Pharmaceuticals , in accordance with Citi. The firm upgraded the stock on Monday to purchase from neutral and raised its price goal to $60 from $36. Citi’s recent forecast now implies greater than 50% upside from Friday’s close. The corporate is best known for its RNA-based therapeutics. Analyst David Lebowitz highlighted several key developments from the Ionis, including eplontersen — a medication developed with AstraZeneca to treat amyloid transthyretin (ATTR) — in addition to donidalorsen, a treatment for hereditary angioedema , which is currently expected to provide phase 3 test ends in the primary half of 2024. Phase 3 drug testing typically measures a given medication against an already proven treatment available on the market. “Though HAE is a competitive market, Phase II data hints that it could have a horny product profile and be a meaningful player,” Lebowitz said. “Notably, donidalorsen is wholly owned by Ionis. Given current valuation, we view the risk-reward on Ionis shares as being skewed positive.” Lebowitz also highlighted donidalorsen’s phase 2 test performance, which underpinned the stock upgrade. “Overall, donidalorsen appears to have a competitive profile, which should allow the therapy to carve out a meaningful market share, despite the competition,” he said. Ionis has climbed greater than 6% this 12 months. It gained greater than 1% on Monday. IONS YTD mountain Ionis 12 months so far — CNBC’s Michael Bloom contributed to this report.