Ionis Pharmaceuticals (NASDAQ:IONS) Shares Gap Down - Should You Sell?

Key Points

• Ionis Pharmaceuticals shares fell 2.2%, opening at $60.62 after closing at $62.43, and last traded near $61.26. The stock remains below its 50-day and 200-day moving averages.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus from 22 ratings and an average price target of $94.15, despite several recent target reductions and BMO Capital Markets’ $60 “market perform” rating.
• The company beat quarterly EPS and revenue estimates, but revenue declined 40.7% year over year and profitability remained negative. Insiders sold approximately $18.3 million of stock over the past three months, while institutional investors own 93.86% of shares.

Shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $62.43, but opened at $60.62. Ionis Pharmaceuticals shares last traded at $61.26, with a volume of 175,378 shares.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IONS. Raymond James Financial set a $87.00 price target on shares of Ionis Pharmaceuticals in a research note on Thursday, July 9th. Wells Fargo & Company reduced their price objective on shares of Ionis Pharmaceuticals from $100.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. Wolfe Research reissued a "peer perform" rating on shares of Ionis Pharmaceuticals in a report on Thursday, July 16th. HC Wainwright lowered their target price on shares of Ionis Pharmaceuticals from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Finally, BMO Capital Markets initiated coverage on shares of Ionis Pharmaceuticals in a report on Wednesday, August 19th. They issued a "market perform" rating and a $60.00 target price for the company. Seventeen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Ionis Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $94.15.

Ionis Pharmaceuticals Stock Down 2.2%

The firm's fifty day simple moving average is $63.31 and its 200-day simple moving average is $71.46. The company has a market cap of $10.14 billion, a PE ratio of -17.64 and a beta of 0.41. The company has a quick ratio of 7.73, a current ratio of 7.89 and a debt-to-equity ratio of 3.07.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported ($0.69) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.08) by $0.39. The firm had revenue of $267.95 million for the quarter, compared to analyst estimates of $189.10 million. Ionis Pharmaceuticals had a negative return on equity of 111.08% and a negative net margin of 64.76%.Ionis Pharmaceuticals's revenue was down 40.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. As a group, equities research analysts expect that Ionis Pharmaceuticals, Inc. will post -3.57 earnings per share for the current fiscal year.

Insider Transactions at Ionis Pharmaceuticals

In other Ionis Pharmaceuticals news, EVP C Frank Bennett sold 5,536 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $83.58, for a total transaction of $462,698.88. Following the transaction, the executive vice president owned 75,018 shares of the company's stock, valued at $6,270,004.44. This represents a 6.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brett P. Monia sold 50,000 shares of the firm's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $80.59, for a total value of $4,029,500.00. Following the sale, the chief executive officer owned 245,571 shares in the company, valued at $19,790,566.89. This trade represents a 16.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 233,163 shares of company stock worth $18,316,551 in the last three months. 1.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ionis Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Ionis Pharmaceuticals in the 4th quarter worth about $27,000. Cassaday & Co Wealth Management LLC acquired a new stake in Ionis Pharmaceuticals during the 1st quarter worth approximately $30,000. Quarry LP acquired a new stake in Ionis Pharmaceuticals during the 3rd quarter worth approximately $38,000. Allworth Financial LP purchased a new position in Ionis Pharmaceuticals in the second quarter valued at approximately $41,000. Finally, Silvant Capital Management LLC purchased a new position in Ionis Pharmaceuticals in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 93.86% of the company's stock.

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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