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

Shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $31.95, but opened at $34.50. Ionis Pharmaceuticals shares last traded at $33.07, with a volume of 122,816 shares traded.

The company reported ($0.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.09) by $0.43. Ionis Pharmaceuticals had a negative return on equity of 88.98% and a negative net margin of 44.58%. During the same period last year, the firm posted $0.12 earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wells Fargo & Company cut their target price on Ionis Pharmaceuticals from $82.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Royal Bank of Canada restated an “outperform” rating and set a $70.00 target price on shares of Ionis Pharmaceuticals in a report on Wednesday, January 15th. William Blair reiterated an “outperform” rating on shares of Ionis Pharmaceuticals in a research note on Friday, December 20th. Piper Sandler reduced their price objective on shares of Ionis Pharmaceuticals from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Thursday, November 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Ionis Pharmaceuticals in a report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.65.

Insiders Place Their Bets

In other news, EVP Patrick R. O’neil sold 6,165 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $31.62, for a total value of $194,937.30. Following the transaction, the executive vice president now directly owns 57,452 shares of the company’s stock, valued at $1,816,632.24. The trade was a 9.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brett P. Monia sold 38,843 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $5,718,616.95. This represents a 17.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,609 shares of company stock valued at $3,564,867. 2.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ionis Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC raised its stake in Ionis Pharmaceuticals by 160.0% during the 4th quarter. Signaturefd LLC now owns 949 shares of the company’s stock worth $33,000 after buying an additional 584 shares during the period. Huntington National Bank increased its holdings in shares of Ionis Pharmaceuticals by 193.5% during the fourth quarter. Huntington National Bank now owns 951 shares of the company’s stock valued at $33,000 after acquiring an additional 627 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Ionis Pharmaceuticals by 183.8% during the fourth quarter. Lindbrook Capital LLC now owns 1,036 shares of the company’s stock worth $36,000 after purchasing an additional 671 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Ionis Pharmaceuticals in the 3rd quarter worth $40,000. Finally, Prospera Private Wealth LLC acquired a new stake in Ionis Pharmaceuticals in the 3rd quarter valued at $42,000. Institutional investors own 93.86% of the company’s stock.

Ionis Pharmaceuticals Stock Performance

The stock has a market cap of $5.18 billion, a price-to-earnings ratio of -13.43 and a beta of 0.34. The company’s fifty day simple moving average is $33.94 and its two-hundred day simple moving average is $38.55. The company has a debt-to-equity ratio of 1.86, a current ratio of 8.91 and a quick ratio of 8.82.

Ionis Pharmaceuticals Company Profile

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.