Ionis Pharmaceuticals (NASDAQ:IONS) Posts Earnings Results

Ionis Pharmaceuticals (NASDAQ:IONS) posted its quarterly earnings data on Wednesday. The company reported ($0.95) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.16) by $0.21, reports. The business had revenue of $134.00 million for the quarter, compared to analysts’ expectations of $128.99 million. Ionis Pharmaceuticals had a negative return on equity of 115.66% and a negative net margin of 44.90%. Ionis Pharmaceuticals updated its FY 2024 guidance to EPS.

Ionis Pharmaceuticals Stock Down 1.5 %

NASDAQ IONS opened at $38.46 on Friday. The company has a quick ratio of 7.51, a current ratio of 7.61 and a debt-to-equity ratio of 4.67. Ionis Pharmaceuticals has a fifty-two week low of $35.95 and a fifty-two week high of $54.44. The business has a 50 day moving average price of $40.82 and a two-hundred day moving average price of $42.93. The stock has a market cap of $5.62 billion, a PE ratio of -15.26 and a beta of 0.39.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IONS. Teachers Retirement System of The State of Kentucky grew its stake in shares of Ionis Pharmaceuticals by 70.6% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 24,083 shares of the company’s stock valued at $1,044,000 after acquiring an additional 9,965 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Ionis Pharmaceuticals in the 1st quarter valued at about $630,000. Edgestream Partners L.P. acquired a new position in shares of Ionis Pharmaceuticals in the 1st quarter valued at about $765,000. Blair William & Co. IL raised its stake in Ionis Pharmaceuticals by 67.4% during the first quarter. Blair William & Co. IL now owns 27,838 shares of the company’s stock worth $1,207,000 after acquiring an additional 11,210 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Ionis Pharmaceuticals in the first quarter worth about $613,000. Hedge funds and other institutional investors own 93.86% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. TD Cowen raised their price target on Ionis Pharmaceuticals from $54.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. raised their target price on shares of Ionis Pharmaceuticals from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. The Goldman Sachs Group upped their price target on shares of Ionis Pharmaceuticals from $33.00 to $37.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Bank of America lifted their price target on shares of Ionis Pharmaceuticals from $67.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Leerink Partners raised Ionis Pharmaceuticals from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $53.00 to $62.00 in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ionis Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.71.

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.