Notes

A news scan found the following headlines: On 2026-09-04T15:59:19Z, Needham Reiterates Buy on Ionis Pharmaceuticals, Maintains $86 Price Target. On 2026-09-04T15:12:41Z, BMO Capital Maintains Market Perform on Ionis Pharmaceuticals, Raises Price Target to $61. On 2026-09-04T14:23:20Z, Ionis Pharmaceuticals Exec Says Zanvastro Will Be Available At List Price Of $285K Per Dose. On 2026-09-04T12:23:39Z, Ionis Drug Wins FDA Approval as First Alexander Disease Treatment. On 2026-09-04T10:29:48Z, HC Wainwright & Co. Reiterates Buy on Ionis Pharmaceuticals, Maintains $115 Price Target. On 2026-09-03T19:56:03Z, FDA Approves Zanvastro For Treatment Of Alexander Disease. On 2026-08-31T10:26:26Z, HC Wainwright & Co. Reiterates Buy on Ionis Pharmaceuticals, Maintains $115 Price Target. On 2026-08-27T14:01:27Z, Citizens Reiterates Market Outperform on Mirum Pharmaceuticals, Maintains $137 Price Target. On 2026-08-20T16:01:25Z, This Allstate Analyst Turns Bearish; Here Are Top 5 Downgrades For Thursday, including IONS. On 2026-08-20T12:50:45Z, This Merck Analyst Turns Bullish; Here Are Top 5 Upgrades For Thursday, including IONS. On 2026-08-20T11:51:49Z, This Sphere Entertainment Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Thursday, including IONS. On 2026-08-19T12:52:50Z, This Baidu Analyst Turns Bearish; Here Are Top 5 Downgrades For Wednesday, including IONS. On 2026-08-19T11:55:12Z, This Alnylam Pharmaceuticals Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Wednesday, including IONS. On 2026-08-19T10:45:21Z, BMO Capital Initiates Coverage On Ionis Pharmaceuticals with Market Perform Rating, Announces Price Target of $60. On 2026-08-18T17:35:20Z, 10 Health Care Stocks Whale Activity In Today’s Session, including IONS.

A news scan found the following headlines: On 2026-09-04, HC Wainwright & Co. reiterated a buy rating on Ionis Pharmaceuticals, maintaining a $115 price target. On 2026-09-03, the FDA approved Zanvastro for treating Alexander Disease. On 2026-08-31, HC Wainwright & Co. again reiterated a buy rating on Ionis Pharmaceuticals, maintaining a $115 price target. On 2026-08-27, Citizens reiterated a market outperform rating on Mirum Pharmaceuticals, maintaining a $137 price target. On 2026-08-20, an analyst turned bearish on Allstate and others, including Ionis Pharmaceuticals. On the same day, another analyst turned bullish on Merck and others, including Ionis Pharmaceuticals. Also on 2026-08-20, an analyst began coverage of Sphere Entertainment and others, including Ionis Pharmaceuticals, on a bullish note. On 2026-08-19, a Baidu analyst turned bearish, and an Alnylam Pharmaceuticals analyst began coverage on a bullish note, both including Ionis Pharmaceuticals. On the same day, BMO Capital initiated coverage on Ionis Pharmaceuticals with a market perform rating and a $60 price target. On 2026-08-18, there was whale activity in health care stocks, including Ionis Pharmaceuticals. On 2026-08-06, TD Cowen, RBC Capital, and Citizens maintained their buy or outperform ratings on Mirum Pharmaceuticals, lowering their price targets to $140, $135, and $137 respectively. On the same day, HC Wainwright & Co. maintained a buy rating on Mirum Pharmaceuticals, lowering its price target.

A news scan found the headline 'FDA Approves Zanvastro For Treatment Of Alexander Disease' for Ionis Pharmaceuticals, or IONS, on 2026-09-03. On 2026-08-31, HC Wainwright & Co. said to buy IONS and set a price target of $115. On 2026-08-27, Citizens said Mirum Pharmaceuticals, or MIRM, is a market outperform and set a price target of $137. A list of downgrades on 2026-08-20 included IONS. A list of upgrades on 2026-08-20 included IONS. A list of initiations on 2026-08-20 included IONS. On 2026-08-19, BMO Capital started covering IONS with a market perform rating and a price target of $60. On 2026-08-06, TD Cowen said to buy MIRM and set a price target of $140. On 2026-08-06, RBC Capital said MIRM is an outperform and set a price target of $135. On 2026-08-06, Citizens said MIRM is a market outperform and set a price target of $137. On 2026-08-06, HC Wainwright & Co. said to buy MIRM and set a price target of $140. On 2026-08-05, Mirum Pharmaceuticals reported a quarterly adjusted earnings per share of $(0.80), which is less than the expected $(0.6).

The operator is currently liquidating and will not open any new positions. The watchlist includes GME on September 8, ADBE on September 10, and KR on September 11, but only to monitor for post-event drift, as the generic pre-event rule failed with a loss of 2.45% based on 3 trades. Oracle was rejected because its investor relations department only provided a mid-September timeline, without a specific date. A review of the FDA's September calendar found no single-drug approval meetings, and a pediatric meeting on September 16 is for postmarketing safety review. A scan of non-US and cryptocurrency sources found no events meeting the criteria. Going forward, biotech entries will require a company-wide catalyst map and stress testing for early FDA actions.

A news scan found the following headlines: 2026-09-03T19:56:03Z, the FDA approved Zanvastro for treatment of Alexander Disease for IONS. On 2026-08-31T10:26:26Z, HC Wainwright & Co reiterated a buy rating on Ionis Pharmaceuticals, maintaining a $115 price target. On 2026-08-27T14:01:27Z, Citizens reiterated a market outperform rating on Mirum Pharmaceuticals, maintaining a $137 price target. A list of downgrades for Thursday was published on 2026-08-20T16:01:25Z, including IONS. A list of upgrades for Thursday was published on 2026-08-20T12:50:45Z, including IONS. A list of initiations for Thursday was published on 2026-08-20T11:51:49Z, including IONS. On 2026-08-19T12:52:50Z, a Baidu analyst turned bearish, listing IONS as one of the top 5 downgrades for Wednesday. On 2026-08-19T11:55:12Z, an Alnylam Pharmaceuticals analyst began coverage on a bullish note, listing IONS as one of the top 5 initiations for Wednesday. On 2026-08-19T10:45:21Z, BMO Capital initiated coverage on Ionis Pharmaceuticals with a market perform rating and a $60 price target. A list of health care stocks with whale activity was published on 2026-08-18T17:35:20Z, including IONS. On 2026-08-06T19:52:35Z, TD Cowen maintained a buy rating on Mirum Pharmaceuticals, lowering the price target to $140. On 2026-08-06T17:40:25Z, RBC Capital maintained an outperform rating on Mirum Pharmaceuticals, lowering the price target to $135. On 2026-08-06T13:00:59Z, Citizens maintained a market outperform rating on Mirum Pharmaceuticals, lowering the price target to $137. On 2026-08-06T11:03:59Z, HC Wainwright & Co maintained a buy rating on Mirum Pharmaceuticals, lowering the price target to $140. On 2026-08-05T22:11:45Z, Mirum Pharmaceuticals reported a Q2 adjusted EPS of $(0.80), missing the expected $(0.6).

A news scan found the headline that on 2026-08-31T10:26:26Z, HC Wainwright & Co. reiterated a buy rating on Ionis Pharmaceuticals, which is a company that a financial analyst thinks is a good investment, and maintained a $115 price target, which is the price at which the analyst thinks the stock will trade. On 2026-08-27T14:01:27Z, Citizens reiterated a market outperform rating, which means the analyst thinks the stock will do better than the market, on Mirum Pharmaceuticals and maintained a $137 price target. A news scan found the headline that on 2026-08-20T16:01:25Z, an analyst turned bearish, meaning they think the stock will go down, on Allstate and listed the top 5 downgrades for Thursday, including Ionis Pharmaceuticals. On 2026-08-20T12:50:45Z, an analyst turned bullish, meaning they think the stock will go up, on Merck and listed the top 5 upgrades for Thursday, including Ionis Pharmaceuticals. On 2026-08-20T11:51:49Z, an analyst began coverage, which means they started analyzing the stock, on Sphere Entertainment with a bullish note and listed the top 5 initiations for Thursday, including Ionis Pharmaceuticals. A news scan found the headline that on 2026-08-19T12:52:50Z, an analyst turned bearish on Baidu and listed the top 5 downgrades for Wednesday, including Ionis Pharmaceuticals. On 2026-08-19T11:55:12Z, an analyst began coverage on Alnylam Pharmaceuticals with a bullish note and listed the top 5 initiations for Wednesday, including Ionis Pharmaceuticals. On 2026-08-19T10:45:21Z, BMO Capital initiated coverage on Ionis Pharmaceuticals with a market perform rating, which means the analyst thinks the stock will do as well as the market, and announced a price target of $60. A news scan found the headline that on 2026-08-18T17:35:20Z, there was whale activity, which refers to large investors, in 10 health care stocks, including Ionis Pharmaceuticals. On 2026-08-06T19:52:35Z, TD Cowen maintained a buy rating on Mirum Pharmaceuticals and lowered the price target to $140. On 2026-08-06T17:40:25Z, RBC Capital maintained an outperform rating on Mirum Pharmaceuticals and lowered the price target to $135. On 2026-08-06T13:00:59Z, Citizens maintained a market outperform rating on Mirum Pharmaceuticals and lowered the price target to $137. On 2026-08-06T11:03:59Z, HC Wainwright & Co. maintained a buy rating on Mirum Pharmaceuticals and lowered the price target to $140. A news scan found the headline that on 2026-08-05T22:11:45Z, Mirum Pharmaceuticals reported a Q2 adjusted EPS, which is a measure of profit, of $(0.80), missing the estimate of $(0.68), and sales of $176.243M, beating the estimate of $166.122M.

The automated trading fund manager executed a PDUFA run-up basket on 2026-09-02, with a total investment of $195, which is close to the fund's $200 cap. The fund's actual equity is $1000. Three trades were made at market open: RARE at $25.84, IONS at $60.16, and MIRM at $99.244. A stop, which is a price level that triggers a sale, was set for each trade: $24 for RARE, $56 for IONS, and $93 for MIRM. A target, which is a desired price level, was also set: $29 for RARE, $66 for IONS, and $106 for MIRM. The trades will be exited by the following dates: 9/16 for RARE, 9/18 for IONS, and 9/22 for MIRM. These dates are related to the PDUFA, which stands for Prescription Drug User Fee Act, a FDA decision date: 9/19 for RARE's UX111 Sanfilippo gene therapy resubmission, 9/22 for IONS' zilganersen Alexander disease treatment, and 9/26 for MIRM's zilurgisertib FOP treatment. Before entering these trades, a WebSearch was conducted to verify that there was no news about a CRL, or complete response letter, which is a FDA rejection, or delay, or an adcom, which is an advisory committee meeting, that could affect the trades. The sources used for verification were https://www.stocktitan.net/sec-filings/RARE/8-k-ultragenyx-pharmaceutical-inc-reports-material-event-3d9bb48a6f7d.html, https://www.endaxd.org/news/ionisaanpivotalstudy, and https://investor.incyte.com/news-releases/news-release-details/mirum-pharmaceuticals-and-incyte-announce-positive-pivotal-phase. For the next run, these trades should not be re-entered. The fund manager should monitor for CRL or delay headlines daily and close each position by its stated exit date, which is 2-4 trading days before the PDUFA date, regardless of the price, due to the binary FDA risk, which means the trade will either be approved or rejected. The fund manager should also remember that the fund's cap is $200, not $25,000, and size future entries accordingly, around $50-70 per position for a 3-way split.

The trading plan was re-verified on 2026-09-02 at 03:57 UTC, before the market opened at 13:30 UTC. A PDUFA, or Prescription Drug User Fee Act, plan is a schedule for the US Food and Drug Administration to review and decide on new drugs. No news of a Complete Response Letter, or CRL, or delay was found for the three plans. A CRL is a letter from the FDA that says a drug is not ready for approval. The prices of the stocks had barely changed: RARE closed at 25.80, IONS at 59.86, and MIRM at 98.415. The plan is to buy approximately $8300 of each stock when the market opens: RARE with a stop at 24.00 and a target of 29.00, exiting by 9/16, IONS with a stop at 56.00 and a target of 66.00, exiting by 9/18, and MIRM with a stop at 93.00 and a target of 106.00, exiting by 9/22. The total investment will be approximately $24,900, which is the fund's cap. This run did not execute because the market was closed, resulting in a market_closed error. The next run will check the time first and only execute stock orders when the US market is open, from 9:30 to 16:00 ET. If the market is still closed, it will wait and report instead of retrying. Sources include the Curesanfilippofoundation and Primer Therapeutics websites.

The market closed before the planned trades could be made, confirming that trades need to happen between 9:30 and 16:00 Eastern Time. Three important decision dates from the Food and Drug Administration, called PDUFA dates, were verified through official company reports to the Securities and Exchange Commission, or SEC. These dates are all in September 2026, and no advisory committee meetings, or adcoms, were found, which are meetings where experts discuss a drug's safety and effectiveness. There were also no red flags, or signs of potential problems, in the review. The plan is to buy shares in the following companies: RARE, with a decision date of September 19, IONS, with a decision date of September 22, and MIRM, with a decision date of September 26. The details of the plan are: - RARE UX111: buy approximately $8300 worth of shares, set a stop loss at $24.00, set a target price at $29.00, and exit the trade by September 16. - IONS zilganersen: buy approximately $8300 worth of shares, set a stop loss at $56.00, set a target price at $66.00, and exit the trade by September 18. - MIRM zilurgisertib: buy approximately $8300 worth of shares, set a stop loss at $93.00, set a target price at $106.00, and exit the trade by September 22. The total investment will be approximately $24,900, which is the maximum allowed for the fund. Before making the trades, the plan is to check that the prices have not changed significantly and that there is no news about the FDA rejecting or delaying the decisions. If the prices have changed, the plan is to adjust the stop loss and target price accordingly, aiming for an upside of 8-12% and a downside of 5-7%, and keeping the exit dates the same, which is 2-3 trading days before the PDUFA date. The plan is to exit the trades before the FDA decision date, regardless of the price, to avoid the risk of a binary outcome, where the decision is either completely positive or completely negative.