Ionis Pharmaceuticals (NASDAQ:IONS) Shares Up 5.3% - What's Next?

Key Points

• Ionis shares rose 5.3% Friday to about $28.77, with trading volume slightly above average.
• The company reported encouraging two-year DAWNZERA data, but cut its full-year TRYNGOLZA sales outlook by roughly half after third-quarter sales of $9.3 million, weighing on investor confidence.
• Quarterly results beat estimates, with revenue up 54.8% year over year; analysts mostly retain Buy ratings but have reduced price targets, and the consensus target remains $78.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report)'s share price was up 5.3% on Friday. The company traded as high as $28.72 and last traded at $28.7670. Approximately 2,926,975 shares changed hands during trading, an increase of 4% from the average session volume of 2,816,803 shares. The stock had previously closed at $27.31.

Key Headlines Impacting Ionis Pharmaceuticals

Here are a few of the latest headlines about IONS:

• Positive Sentiment: Ionis reported two-year DAWNZERA data at the ACAAI meeting, saying the results support durable efficacy and disease control for hereditary angioedema. Article: Ionis presents long-term DAWNZERA data
• Negative Sentiment: Ionis cut its full-year TRYNGOLZA sales outlook by roughly half after third-quarter sales reached only $9.3 million. The weaker commercial outlook is a key concern for investors and prompted securities-law firms to announce investigations into potential investor claims. Article: Levi & Korsinsky investigation notice Article: Wolf Popper investigation
• Negative Sentiment: Artisan Partners’ small-cap growth strategy reportedly exited Ionis after sequential Phase 3 clinical setbacks, a signal of reduced confidence from that investment manager. Article: Artisan strategy exit

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Bank of America reissued a "buy" rating on shares of Ionis Pharmaceuticals in a research note on Tuesday. Needham & Company LLC cut their target price on shares of Ionis Pharmaceuticals from $86.00 to $54.00 and set a "buy" rating on the stock in a research note on Monday. Guggenheim decreased their price target on shares of Ionis Pharmaceuticals from $89.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, September 15th. Morgan Stanley lowered their price target on shares of Ionis Pharmaceuticals from $104.00 to $75.00 and set an "overweight" rating for the company in a report on Tuesday. Finally, Royal Bank Of Canada reduced their price objective on shares of Ionis Pharmaceuticals from $85.00 to $60.00 and set an "outperform" rating on the stock in a report on Tuesday. Nineteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $78.00.

Ionis Pharmaceuticals Stock Performance

The firm has a 50 day moving average of $44.23 and a two-hundred day moving average of $64.84. The stock has a market cap of $4.83 billion, a PE ratio of -8.71 and a beta of 0.43. The company has a debt-to-equity ratio of 3.42, a current ratio of 5.43 and a quick ratio of 7.73.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last announced its quarterly earnings results on Monday, November 9th. The company reported ($0.66) EPS for the quarter, beating the consensus estimate of ($1.23) by $0.57. Ionis Pharmaceuticals had a negative net margin of 56.98% and a negative return on equity of 120.62%. The company had revenue of $242.72 million for the quarter, compared to analyst estimates of $178.17 million. During the same period in the prior year, the firm posted ($0.80) earnings per share. The firm's revenue was up 54.8% on a year-over-year basis. Research analysts predict that Ionis Pharmaceuticals, Inc. will post -3.62 EPS for the current fiscal year.

Insider Transactions at Ionis Pharmaceuticals

In other Ionis Pharmaceuticals news, EVP Shannon Devers sold 1,357 shares of the company's stock in a transaction on Friday, October 16th. The shares were sold at an average price of $43.54, for a total value of $59,083.78. Following the completion of the transaction, the executive vice president owned 17,811 shares in the company, valued at $775,490.94. This represents a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.81% of the stock is owned by corporate insiders.

Institutional Trading of Ionis Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in IONS. Alyeska Investment Group L.P. increased its position in Ionis Pharmaceuticals by 199.7% during the second quarter. Alyeska Investment Group L.P. now owns 1,417,916 shares of the company's stock worth $112,427,000 after buying an additional 944,766 shares during the period. Pictet Asset Management Holding SA grew its position in shares of Ionis Pharmaceuticals by 21.7% during the third quarter. Pictet Asset Management Holding SA now owns 1,944,020 shares of the company's stock worth $87,249,000 after acquiring an additional 347,022 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Ionis Pharmaceuticals in the 2nd quarter valued at $62,718,000. Groupama Asset Managment boosted its stake in Ionis Pharmaceuticals by 7.5% during the 1st quarter. Groupama Asset Managment now owns 824,540 shares of the company's stock worth $61,915,000 after purchasing an additional 57,651 shares during the period. Finally, GW&K Investment Management LLC grew its position in Ionis Pharmaceuticals by 79.6% during the 3rd quarter. GW&K Investment Management LLC now owns 1,341,315 shares of the company's stock worth $59,890,000 after purchasing an additional 594,349 shares during the last quarter. 93.86% of the stock is owned by hedge funds and other institutional investors.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals is a biotechnology company that discovers and develops RNA-targeted medicines, with a focus on antisense oligonucleotides. Its medicines are designed to act on RNA and change the production of proteins linked to disease. The company's research and development programs span neurological, cardiovascular, metabolic and rare diseases. Ionis has developed medicines that it commercializes itself and products advanced or marketed with pharmaceutical partners. Its medicines and partnered products include treatments for conditions such as spinal muscular atrophy and transthyretin amyloidosis.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.