Ionis Pharmaceuticals Sees Unusually High Options Volume (NASDAQ:IONS)

Key Points

• Ionis Pharmaceuticals saw unusually heavy options activity on Wednesday, with traders buying 7,229 call options—about 423% above its average daily call volume.
• Analyst sentiment remains largely positive, with several firms reiterating or initiating Buy/Outperform ratings and a consensus “Moderate Buy” rating. The average price target is $102.90, with some targets as high as $129.
• The stock has been near its 52-week high, recently trading at $84.08 after falling $2.25 on the day. The company also reported better-than-expected quarterly revenue and EPS, though it remains unprofitable overall.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report) was the target of unusually large options trading activity on Wednesday. Traders bought 7,229 call options on the company. This represents an increase of 423% compared to the average daily volume of 1,381 call options.

Wall Street Analyst Weigh In

IONS has been the subject of several recent analyst reports. Citigroup initiated coverage on Ionis Pharmaceuticals in a report on Monday, May 18th. They issued a "buy" rating and a $115.00 target price for the company. Oppenheimer restated an "outperform" rating and set a $111.00 price target on shares of Ionis Pharmaceuticals in a research note on Thursday, April 30th. Leerink Partners boosted their target price on Ionis Pharmaceuticals from $122.00 to $129.00 and gave the company an "outperform" rating in a research note on Thursday, June 25th. Needham & Company LLC increased their price target on Ionis Pharmaceuticals from $103.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, March 25th. Finally, Raymond James Financial initiated coverage on Ionis Pharmaceuticals in a research note on Friday, April 10th. They issued an "outperform" rating and a $104.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $102.90.

Ionis Pharmaceuticals Price Performance

Shares of Ionis Pharmaceuticals stock traded down $2.25 during trading on Wednesday, hitting $84.08. The stock had a trading volume of 527,450 shares, compared to its average volume of 2,070,098. Ionis Pharmaceuticals has a 12 month low of $40.03 and a 12 month high of $86.74. The business's 50-day moving average is $76.02 and its 200 day moving average is $77.47. The company has a current ratio of 4.10, a quick ratio of 4.09 and a debt-to-equity ratio of 2.75. The firm has a market cap of $13.90 billion, a price-to-earnings ratio of -40.62 and a beta of 0.36.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.85) by $0.29. Ionis Pharmaceuticals had a negative return on equity of 58.65% and a negative net margin of 30.91%.The firm had revenue of $246.09 million during the quarter, compared to the consensus estimate of $195.56 million. During the same quarter last year, the company posted ($0.93) EPS. The company's revenue for the quarter was up 86.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Ionis Pharmaceuticals will post -3.69 earnings per share for the current year.

Insider Transactions at Ionis Pharmaceuticals

In other news, CEO Brett P. Monia sold 50,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 245,571 shares of the company's stock, valued at $19,790,566.89. This represents a 16.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick R. O'neil sold 3,069 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $80.00, for a total value of $245,520.00. Following the transaction, the executive vice president directly owned 61,470 shares in the company, valued at approximately $4,917,600. This trade represents a 4.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 213,029 shares of company stock valued at $16,500,601. 1.81% of the stock is owned by insiders.

Institutional Trading of Ionis Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in shares of Ionis Pharmaceuticals in the 4th quarter valued at $27,000. Cassaday & Co Wealth Management LLC purchased a new position in Ionis Pharmaceuticals in the 1st quarter worth approximately $30,000. Quarry LP purchased a new stake in shares of Ionis Pharmaceuticals during the third quarter valued at approximately $38,000. Hilton Head Capital Partners LLC bought a new position in shares of Ionis Pharmaceuticals in the fourth quarter worth approximately $47,000. Finally, Laurel Wealth Advisors LLC bought a new stake in Ionis Pharmaceuticals during the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 93.86% of the company's stock.

Ionis Pharmaceuticals Company Profile

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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