Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Shares Down 8.1% After Earnings Miss

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS)’s share price traded down 8.1% on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $48.01 and last traded at $48.31, with a volume of 2,750,165 shares changing hands. The stock had previously closed at $52.56.

The company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $0.03. Ionis Pharmaceuticals had a return on equity of 15.52% and a net margin of 5.25%. The company had revenue of $104.15 million during the quarter, compared to analyst estimates of $93.29 million. During the same period last year, the company posted ($0.47) earnings per share. The company’s revenue was up 170.7% compared to the same quarter last year.

A number of equities analysts have recently weighed in on the stock. Laidlaw reaffirmed a “buy” rating and issued a $65.00 price target on shares of Ionis Pharmaceuticals in a research note on Monday, August 14th. Jefferies Group LLC reissued an “underperform” rating and set a $18.00 target price (up from $17.00) on shares of Ionis Pharmaceuticals in a research report on Thursday, August 10th. BMO Capital Markets increased their target price on shares of Ionis Pharmaceuticals from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, August 14th. Sanford C. Bernstein initiated coverage on shares of Ionis Pharmaceuticals in a research report on Thursday, July 27th. They set a “market perform” rating and a $57.00 target price on the stock. Finally, Evercore ISI initiated coverage on shares of Ionis Pharmaceuticals in a research report on Wednesday. They set an “outperform” rating and a $65.00 target price on the stock. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Ionis Pharmaceuticals presently has an average rating of “Hold” and an average target price of $48.91.

In related news, Chairman Stanley T. Crooke sold 16,500 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $52.45, for a total value of $865,425.00. Following the completion of the sale, the chairman now owns 53,014 shares in the company, valued at $2,780,584.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP C Frank Bennett sold 10,000 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $59.29, for a total transaction of $592,900.00. Following the completion of the sale, the senior vice president now owns 25,041 shares of the company’s stock, valued at approximately $1,484,680.89. The disclosure for this sale can be found here. Insiders have sold 54,379 shares of company stock valued at $2,946,052 over the last 90 days. Corporate insiders own 1.86% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Ionis Pharmaceuticals by 361.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 97,341 shares of the company’s stock worth $4,656,000 after buying an additional 76,259 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Ionis Pharmaceuticals by 14.7% in the fourth quarter. Teachers Advisors LLC now owns 123,810 shares of the company’s stock worth $5,922,000 after buying an additional 15,904 shares in the last quarter. Capstone Asset Management Co. boosted its position in shares of Ionis Pharmaceuticals by 10.3% in the first quarter. Capstone Asset Management Co. now owns 5,148 shares of the company’s stock worth $207,000 after buying an additional 480 shares in the last quarter. Boston Advisors LLC acquired a new position in shares of Ionis Pharmaceuticals during the first quarter worth approximately $354,000. Finally, Candriam Luxembourg S.C.A. boosted its position in shares of Ionis Pharmaceuticals by 29.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 191,000 shares of the company’s stock worth $7,679,000 after buying an additional 43,000 shares in the last quarter. Hedge funds and other institutional investors own 89.08% of the company’s stock.

The firm has a market capitalization of $5.84 billion, a PE ratio of 225.87 and a beta of 3.14. The company has a 50-day moving average price of $51.56 and a 200 day moving average price of $47.09.

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Ionis Pharmaceuticals Company Profile

Ionis Pharmaceuticals, Inc is engaged in discovering and developing ribonucleic acid (RNA)-targeted therapeutics. The Company, using its drug discovery platform, has developed a pipeline of drugs for patients with unmet medical needs. The Company’s segments include Ionis Core and Akcea Therapeutics. In the Ionis Core segment, the Company is engaged in exploiting a drug discovery platform to generate a pipeline of drugs for the Company and its partners.

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