Ionis Pharmaceuticals (NASDAQ:IONS) Posts Earnings Results, Beats Expectations By $0.56 EPS

Ionis Pharmaceuticals (NASDAQ:IONS) released its earnings results on Monday. The company reported ($0.66) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.56, Zacks reports. The business had revenue of $242.72 million during the quarter, compared to analyst estimates of $181.57 million. Ionis Pharmaceuticals had a negative net margin of 64.76% and a negative return on equity of 111.08%. The business’s quarterly revenue was up 54.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.80) earnings per share.

Ionis Pharmaceuticals Stock Performance

Ionis Pharmaceuticals stock opened at $39.42 on Monday. Ionis Pharmaceuticals has a 12 month low of $38.31 and a 12 month high of $86.74. The company has a quick ratio of 7.73, a current ratio of 7.89 and a debt-to-equity ratio of 3.07. The stock has a market cap of $6.55 billion, a P/E ratio of -11.39 and a beta of 0.43. The company’s fifty day simple moving average is $46.80 and its 200-day simple moving average is $65.88.

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 dated Friday, October 16th. The stock was sold at an average price of $43.54, for a total value of $59,083.78. Following the transaction, the executive vice president directly owned 17,811 shares of the company’s stock, valued at $775,490.94. This represents a 7.08% decrease in their position. The sale was disclosed in a document filed 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. Insiders own 1.81% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on IONS. Canaccord Genuity Group cut their price target on shares of Ionis Pharmaceuticals from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, September 8th. Needham & Company LLC reiterated a “buy” rating and set a $86.00 price objective on shares of Ionis Pharmaceuticals in a research report on Friday, September 4th. Citigroup reissued a “buy” rating on shares of Ionis Pharmaceuticals in a research note on Wednesday, October 21st. Barclays reduced their target price on Ionis Pharmaceuticals from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, September 9th. Finally, Oppenheimer reiterated an “outperform” rating and set a $85.00 price target on shares of Ionis Pharmaceuticals in a report on Thursday, September 24th. Nineteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Ionis Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $89.48.

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.