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

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) shares 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. The firm had revenue of $132.00 million during the quarter, compared to analyst estimates of $144.31 million. Ionis Pharmaceuticals had a negative net margin of 64.25% and a negative return on equity of 100.05%. Ionis Pharmaceuticals’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.98) earnings per share.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Ionis Pharmaceuticals from $47.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Redburn Atlantic assumed coverage on shares of Ionis Pharmaceuticals in a report on Monday, March 31st. They issued a “neutral” rating and a $39.00 price target on the stock. HC Wainwright lifted their price target on shares of Ionis Pharmaceuticals from $45.00 to $50.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets reduced their price target on shares of Ionis Pharmaceuticals from $60.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, February 20th. Finally, Guggenheim reduced their price target on shares of Ionis Pharmaceuticals from $65.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.67.

Insider Buying and Selling

In other Ionis Pharmaceuticals news, CEO Brett P. Monia sold 38,843 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $31.65, for a total value of $1,229,380.95. Following the completion of the sale, the chief executive officer now directly owns 180,683 shares of the company’s stock, valued at $5,718,616.95. The trade was a 17.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Patrick R. O’neil sold 1,207 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $32.35, for a total transaction of $39,046.45. Following the completion of the sale, the executive vice president now directly owns 56,245 shares of the company’s stock, valued at approximately $1,819,525.75. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,035 shares of company stock valued at $1,487,181. Company insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its position in Ionis Pharmaceuticals by 160.0% in the 4th quarter. Signaturefd LLC now owns 949 shares of the company’s stock valued at $33,000 after buying an additional 584 shares during the period. Huntington National Bank boosted its position in Ionis Pharmaceuticals by 193.5% in the 4th quarter. Huntington National Bank now owns 951 shares of the company’s stock valued at $33,000 after buying an additional 627 shares during the period. Lindbrook Capital LLC boosted its position in Ionis Pharmaceuticals by 183.8% in the 4th quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock valued at $36,000 after buying an additional 671 shares during the period. Raiffeisen Bank International AG bought a new stake in shares of Ionis Pharmaceuticals in the 4th quarter valued at about $62,000. Finally, CWM LLC raised its holdings in shares of Ionis Pharmaceuticals by 18.7% in 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 in the last quarter. 93.86% of the stock is owned by hedge funds and other institutional investors.

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 firm has a market cap of $5.04 billion, a P/E ratio of -10.43 and a beta of 0.29. The firm’s fifty day moving average price is $30.54 and its 200 day moving average price is $33.71.

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.