Ionis Pharmaceuticals (NASDAQ:IONS) Shares Gap Up After Strong Earnings

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $29.81, but opened at $31.78. Ionis Pharmaceuticals shares last traded at $30.09, with a volume of 185,687 shares changing hands.

The company reported ($0.93) earnings per share for the quarter, topping analysts' consensus estimates of ($1.07) by $0.14. Ionis Pharmaceuticals had a negative return on equity of 100.05% and a negative net margin of 64.25%. The business had revenue of $132.00 million for the quarter, compared to analyst estimates of $144.31 million. During the same quarter in the previous year, the firm earned ($0.98) earnings per share. The company's revenue was up 10.9% on a year-over-year basis.

Analysts Set New Price Targets

A number of analysts have issued reports on IONS shares. Guggenheim cut their target price on Ionis Pharmaceuticals from $65.00 to $64.00 and set a "buy" rating for the company in a research note on Thursday. HC Wainwright upped their target price on shares of Ionis Pharmaceuticals from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $70.00 target price on shares of Ionis Pharmaceuticals in a report on Thursday, February 20th. StockNews.com raised shares of Ionis Pharmaceuticals to a "sell" rating in a report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. decreased their price objective on Ionis Pharmaceuticals from $47.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Ionis Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $56.67.

Insider Buying and Selling at Ionis Pharmaceuticals

In other news, Director Michael R. Hayden acquired 15,000 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were purchased at an average cost of $31.86 per share, with a total value of $477,900.00. Following the acquisition, the director now directly owns 50,219 shares in the company, valued at $1,599,977.34. This represents a 42.59 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Patrick R. O'neil sold 6,165 shares of the business's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $31.62, for a total value of $194,937.30. Following the completion of the transaction, the executive vice president now directly owns 57,452 shares of the company's stock, valued at approximately $1,816,632.24. This trade represents a 9.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,035 shares of company stock worth $1,487,181 over the last ninety days. 2.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Several large investors have recently modified their holdings of the company. Xponance Inc. raised its holdings in shares of Ionis Pharmaceuticals by 1.7% in the fourth quarter. Xponance Inc. now owns 19,339 shares of the company's stock valued at $676,000 after purchasing an additional 318 shares during the last quarter. Amalgamated Bank boosted its holdings in Ionis Pharmaceuticals by 3.4% in the 4th quarter. Amalgamated Bank now owns 10,292 shares of the company's stock valued at $360,000 after purchasing an additional 335 shares during the period. Vontobel Holding Ltd. grew its holdings in shares of Ionis Pharmaceuticals by 6.6% during the fourth quarter. Vontobel Holding Ltd. now owns 5,865 shares of the company's stock worth $205,000 after purchasing an additional 363 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Ionis Pharmaceuticals by 1.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,826 shares of the company's stock valued at $763,000 after buying an additional 373 shares in the last quarter. Finally, CWM LLC increased its position in shares of Ionis Pharmaceuticals by 18.7% during the 1st quarter. CWM LLC now owns 2,435 shares of the company's stock valued at $73,000 after purchasing an additional 384 shares during the last quarter. 93.86% of the stock is currently owned by institutional investors and hedge funds.

Ionis Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 2.12, a quick ratio of 8.82 and a current ratio of 8.47. The company has a market cap of $5.35 billion, a PE ratio of -11.07 and a beta of 0.29. The business's 50-day moving average is $30.56 and its 200 day moving average is $33.61.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an antisense injection for the treatment of polyneuropathy caused by hereditary transthyretin amyloidosis in adults; and WAYLIVRA, an antisense medicine for treatment for familial chylomicronemia syndrome (FCS) and familial partial lipodystrophy.