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

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. 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.

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 firm had revenue of $132.00 million during the quarter, compared to analysts' expectations of $144.31 million. During the same period in the prior year, the business posted ($0.98) EPS. The firm's quarterly revenue was up 10.9% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on IONS shares. StockNews.com raised shares of Ionis Pharmaceuticals to a "sell" rating in a research report on Tuesday, March 18th. Redburn Atlantic initiated coverage on Ionis Pharmaceuticals in a research report on Monday, March 31st. They issued a "neutral" rating and a $39.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on Ionis Pharmaceuticals from $47.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Needham & Company LLC lowered their price target on Ionis Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Royal Bank of Canada restated an "outperform" rating and set a $70.00 price target on shares of Ionis Pharmaceuticals in a research note on Thursday, February 20th. Two equities 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 issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $56.67.

Insider Transactions at Ionis Pharmaceuticals

In related news, Director Michael R. Hayden acquired 15,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was acquired at an average price 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brett P. Monia sold 38,843 shares of the firm's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $31.65, for a total value of $1,229,380.95. Following the sale, the chief executive officer now directly owns 180,683 shares in the company, valued at approximately $5,718,616.95. This trade represents a 17.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,035 shares of company stock worth $1,487,181 over the last 90 days. 2.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Ionis Pharmaceuticals by 9.4% during the 4th quarter. Vanguard Group Inc. now owns 16,472,539 shares of the company's stock valued at $575,880,000 after purchasing an additional 1,416,781 shares in the last quarter. Capital World Investors grew its position in Ionis Pharmaceuticals by 46.5% during the fourth quarter. Capital World Investors now owns 11,465,413 shares of the company's stock valued at $400,831,000 after buying an additional 3,637,041 shares during the period. Orbimed Advisors LLC increased its holdings in Ionis Pharmaceuticals by 21.2% in the fourth quarter. Orbimed Advisors LLC now owns 2,817,347 shares of the company's stock valued at $98,494,000 after buying an additional 492,900 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Ionis Pharmaceuticals by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,687,248 shares of the company's stock worth $93,976,000 after acquiring an additional 18,890 shares during the period. Finally, Norges Bank purchased a new stake in shares of Ionis Pharmaceuticals during the 4th quarter worth about $59,948,000. Hedge funds and other institutional investors own 93.86% of the company's stock.

Ionis Pharmaceuticals Price Performance

The company has a current ratio of 8.47, a quick ratio of 8.82 and a debt-to-equity ratio of 2.12. The stock has a 50-day moving average price of $30.56 and a 200 day moving average price of $33.64. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -10.78 and a beta of 0.29.

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.