Ionis Pharmaceuticals (NASDAQ:IONS) Announces Earnings Results, Beats Estimates By $0.47 EPS

Ionis Pharmaceuticals (NASDAQ:IONS) released its earnings results on Thursday. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.47, Briefing.com reports. The company had revenue of $225.00 million for the quarter, compared to analyst estimates of $152.35 million. Ionis Pharmaceuticals had a negative net margin of 44.90% and a negative return on equity of 109.65%. The firm’s quarterly revenue was up 19.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. Ionis Pharmaceuticals updated its FY 2024 guidance to EPS.

Ionis Pharmaceuticals Stock Down 3.8 %

NASDAQ:IONS traded down $1.89 during mid-day trading on Monday, reaching $47.24. The stock had a trading volume of 309,238 shares, compared to its average volume of 1,214,803. The company has a debt-to-equity ratio of 4.15, a current ratio of 7.37 and a quick ratio of 7.28. Ionis Pharmaceuticals has a fifty-two week low of $35.95 and a fifty-two week high of $54.44. The business’s 50 day moving average is $44.74 and its 200 day moving average is $44.34. The stock has a market cap of $6.90 billion, a P/E ratio of -18.40 and a beta of 0.40.

Analysts Set New Price Targets

Several research firms recently weighed in on IONS. TD Cowen boosted their target price on Ionis Pharmaceuticals from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Jefferies Financial Group initiated coverage on shares of Ionis Pharmaceuticals in a research note on Tuesday, July 16th. They set a “buy” rating and a $75.00 price target on the stock. Sanford C. Bernstein raised Ionis Pharmaceuticals from an “underperform” rating to a “market perform” rating and set a $44.00 target price for the company in a report on Friday, June 14th. Oppenheimer upped their price target on shares of Ionis Pharmaceuticals from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, April 9th. Finally, SVB Leerink raised Ionis Pharmaceuticals from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $53.00 to $62.00 in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.68.

Insiders Place Their Bets

In related news, Director Joseph Klein III sold 12,000 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now directly owns 16,346 shares in the company, valued at approximately $817,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.71% of the company’s stock.

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.