HC Wainwright Issues Pessimistic Forecast for IONS Earnings

Key Points

• HC Wainwright lowered Ionis Pharmaceuticals’ Q3 2026 EPS forecast to a loss of $1.14 from $1.06 and also reduced several 2027 estimates, signaling expectations for wider near-term losses.
• Despite the cautious earnings outlook, HC Wainwright maintained a Buy rating and $115 price target. Analysts overall rate the stock “Moderate Buy,” with a consensus price target of $94.65.
• Ionis remains unprofitable under current forecasts, with losses projected through FY2026 and most of FY2027; the stock recently traded at $55.07, while institutional investors own 93.86% of shares.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Free Report) - HC Wainwright cut their Q3 2026 earnings estimates for shares of Ionis Pharmaceuticals in a research report issued on Thursday, July 30th. HC Wainwright analyst M. Kapoor now expects that the company will post earnings per share of ($1.14) for the quarter, down from their previous forecast of ($1.06). HC Wainwright currently has a "Buy" rating and a $115.00 price target on the stock. The consensus estimate for Ionis Pharmaceuticals' current full-year earnings is ($3.67) per share. HC Wainwright also issued estimates for Ionis Pharmaceuticals' Q4 2026 earnings at ($1.02) EPS, FY2026 earnings at ($3.41) EPS, Q1 2027 earnings at ($0.76) EPS, Q2 2027 earnings at ($0.70) EPS and FY2027 earnings at ($1.27) EPS.

A number of other brokerages also recently weighed in on IONS. TD Cowen reaffirmed a "buy" rating and set a $108.00 target price on shares of Ionis Pharmaceuticals in a research note on Monday, June 15th. Barclays dropped their price target on Ionis Pharmaceuticals from $115.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, July 10th. Jefferies Financial Group reduced their price objective on Ionis Pharmaceuticals from $113.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Morgan Stanley dropped their target price on Ionis Pharmaceuticals from $130.00 to $110.00 and set an "overweight" rating on the stock in a report on Friday, July 10th. Finally, Needham & Company LLC cut their target price on Ionis Pharmaceuticals from $105.00 to $86.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Eighteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Ionis Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $94.65.

Ionis Pharmaceuticals Trading Up 1.1%

NASDAQ:IONS opened at $55.07 on Wednesday. The firm has a market capitalization of $9.15 billion, a P/E ratio of -15.92 and a beta of 0.41. The company has a debt-to-equity ratio of 3.07, a current ratio of 7.89 and a quick ratio of 7.73. Ionis Pharmaceuticals has a one year low of $40.03 and a one year high of $86.74. The company's 50-day simple moving average is $68.71 and its 200 day simple moving average is $74.18.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IONS. Brown Brothers Harriman & Co. bought a new stake in Ionis Pharmaceuticals in the 4th quarter worth about $27,000. Cassaday & Co Wealth Management LLC purchased a new position in Ionis Pharmaceuticals in the 1st quarter worth about $30,000. Quarry LP bought a new position in Ionis Pharmaceuticals during the 3rd quarter valued at about $38,000. Hilton Head Capital Partners LLC bought a new position in Ionis Pharmaceuticals during the 4th quarter valued at about $47,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Ionis Pharmaceuticals during the 4th quarter valued at about $47,000. 93.86% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Brett P. Monia sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $80.59, for a total transaction of $4,029,500.00. Following the completion of the sale, the chief executive officer owned 245,571 shares of the company's stock, valued at $19,790,566.89. This trade represents a 16.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Allene M. Diaz sold 10,111 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $85.42, for a total transaction of $863,681.62. Following the completion of the transaction, the director owned 3,811 shares of the company's stock, valued at approximately $325,535.62. The trade was a 72.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 233,163 shares of company stock valued at $18,316,551. Company insiders own 1.81% of the company's stock.

Key Headlines Impacting Ionis Pharmaceuticals

Here are the key news stories impacting Ionis Pharmaceuticals this week:

• Positive Sentiment: JPMorgan raised its price target on Ionis from $72 to $76 and assigned an “overweight” rating, implying substantial upside from recent trading levels. Benzinga report on JPMorgan's Ionis rating
• Positive Sentiment: HC Wainwright maintained a “Buy” rating and a $115 price target. Although its estimates were reduced for several upcoming quarters and FY2027, the firm modestly improved its FY2026 forecast to a $3.41 loss per share from a $3.45 loss, compared with a consensus loss estimate of $3.67. MarketBeat analyst estimates for Ionis Pharmaceuticals
• Positive Sentiment: Ionis director Hayden purchased 20,000 shares worth approximately $1.1 million, increasing his direct and indirect holdings by 34%. The transaction may signal management confidence in the company’s valuation and prospects. The Motley Fool report on Ionis insider buying
• Neutral Sentiment: Ionis remains unprofitable under current forecasts, with HC Wainwright projecting losses through FY2026 and most of FY2027 before quarterly profitability begins later in 2027. The estimates highlight the importance of pipeline execution and future commercialization revenue.
• Negative Sentiment: HC Wainwright lowered EPS forecasts for Q3 2026, Q4 2026, Q1 2027, Q2 2027 and FY2027, indicating expectations for wider near-term losses and slower earnings improvement than previously anticipated. HC Wainwright estimates for Ionis Pharmaceuticals
• Negative Sentiment: Pomerantz LLP announced an investigation into potential claims on behalf of Ionis investors. While no findings or liability were reported, the announcement introduces additional legal and reputational uncertainty. Pomerantz investor investigation announcement

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is a biotechnology company focused on the discovery and development of RNA-targeted therapies designed to modulate gene expression. The company's proprietary antisense oligonucleotide (ASO) technology enables the selective binding of short synthetic strands of nucleic acids to messenger RNA (mRNA), thereby inhibiting or altering the production of disease-causing proteins. Ionis' pipeline spans a range of therapeutic areas, including neurological disorders, cardiovascular conditions, metabolic diseases and rare genetic disorders.

Since its founding in 1989 by Dr.

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