Is IONS or IPHA more undervalued in 2026?

CirclFi compares Ionis Pharmaceuticals, Inc. (IONS) and Innate Pharma S.A. (IPHA) using 13 institutional-grade valuation models. IONS has a Quality of Company score of 3.6/10 while IPHA scores 4.8/10.

Which is a better buy — IONS or IPHA?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do IONS and IPHA valuations compare?

IONS at $77.33 and IPHA at $1.74 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

IONS vs IPHA Valuation Comparison 2026 — Intrinsic Value Analysis

IONS

Biotechnology

Ionis Pharmaceuticals, Inc.

Quality

3.6

out of 10

Value Trap

SAFE

Price

$77.33

Last close

Models

12/13

Active

IPHA

Biotechnology

Innate Pharma S.A.

Quality

4.8

out of 10

Value Trap

LOW

Price

$1.74

Last close

Models

8/13

Active

Model-by-Model Comparison

Model	Type	IONS Fair Value	IONS Upside	IPHA Fair Value	IPHA Upside
Bayesian DCF	Intrinsic	$26.36	-65.9%	$0.54	-68.7%
Earnings Power Value	Intrinsic	$36.24	-50.5%	—	—
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$10.21	-85.8%	$0.87	-49.9%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%

🔒

Unlock Full 13-Model Comparison

Access all valuation models for IONS vs IPHA — including EROIC Spread, First Chicago, Markov DDM, PWERM, and 7 more.

Access Full Analysis — From $27/mo →

IONS vs IPHA — Which Stock Is More Undervalued?

IPHA scores higher with a 4.8/10 quality rating vs IONS's 3.6/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Ionis Pharmaceuticals, Inc. (IONS) and Innate Pharma S.A. (IPHA) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

IONS currently trades at $77.33 with a QOC of 3.6/10, while IPHA trades at $1.74 with a QOC of 4.8/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).