Ionis Pharmaceuticals (NASDAQ:IONS) Releases Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Ionis Pharmaceuticals (NASDAQ:IONS) released its earnings results on Wednesday. The company reported ($0.95) earnings per share for the quarter, topping the consensus estimate of ($1.16) by $0.21, reports. Ionis Pharmaceuticals had a negative net margin of 44.58% and a negative return on equity of 113.42%. The company had revenue of $134.00 million for the quarter, compared to the consensus estimate of $128.99 million. Ionis Pharmaceuticals updated its FY 2024 guidance to EPS.

Ionis Pharmaceuticals Trading Up 1.9 %

Shares of NASDAQ:IONS traded up $0.73 during trading hours on Friday, hitting $39.19. The company’s stock had a trading volume of 1,019,401 shares, compared to its average volume of 1,205,554. The firm’s fifty day moving average price is $40.65 and its 200 day moving average price is $42.92. The company has a current ratio of 7.61, a quick ratio of 7.51 and a debt-to-equity ratio of 4.67. Ionis Pharmaceuticals has a 52 week low of $35.95 and a 52 week high of $54.44.

Institutional Trading of Ionis Pharmaceuticals

Several hedge funds have recently made changes to their positions in IONS. nVerses Capital LLC acquired a new stake in Ionis Pharmaceuticals during the 2nd quarter worth approximately $29,000. GAMMA Investing LLC boosted its position in shares of Ionis Pharmaceuticals by 83.9% in the 3rd quarter. GAMMA Investing LLC now owns 664 shares of the company’s stock valued at $27,000 after purchasing an additional 303 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in Ionis Pharmaceuticals during the 2nd quarter worth about $37,000. Mather Group LLC. lifted its holdings in shares of Ionis Pharmaceuticals by 35.8% during the 2nd quarter. Mather Group LLC. now owns 911 shares of the company’s stock valued at $39,000 after buying an additional 240 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Ionis Pharmaceuticals in the 3rd quarter worth approximately $40,000. Institutional investors and hedge funds own 93.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on IONS shares. Leerink Partnrs raised shares of Ionis Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 24th. Wells Fargo & Company dropped their price target on Ionis Pharmaceuticals from $82.00 to $77.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays increased their target price on Ionis Pharmaceuticals from $45.00 to $51.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price objective on Ionis Pharmaceuticals from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Finally, Bank of America lifted their target price on shares of Ionis Pharmaceuticals from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.71.

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.