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

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

Ionis Pharmaceuticals Stock Performance

NASDAQ:IONS traded up $0.73 during midday trading on Friday, reaching $39.19. 1,019,401 shares of the company traded hands, compared to its average volume of 1,205,554. The company has a fifty day moving average price of $40.65 and a 200 day moving average price of $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 twelve month low of $35.95 and a twelve month high of $54.44.

Wall Street Analysts Forecast Growth

IONS has been the topic of several analyst reports. Wells Fargo & Company cut their price objective on shares of Ionis Pharmaceuticals from $82.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of Ionis Pharmaceuticals in a research note on Thursday, September 26th. StockNews.com upgraded shares of Ionis Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Guggenheim lowered their target price on Ionis Pharmaceuticals from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Ionis Pharmaceuticals in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.71.

Hedge Funds Weigh In On Ionis Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in Ionis Pharmaceuticals by 83.9% during the third quarter. GAMMA Investing LLC now owns 664 shares of the company’s stock valued at $27,000 after purchasing an additional 303 shares in the last quarter. nVerses Capital LLC purchased a new position in Ionis Pharmaceuticals in the second quarter worth $29,000. Itau Unibanco Holding S.A. bought a new position in shares of Ionis Pharmaceuticals during the second quarter valued at about $37,000. Mather Group LLC. increased its position in shares of Ionis Pharmaceuticals by 35.8% during the second 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 period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Ionis Pharmaceuticals during the third quarter valued at approximately $40,000. Institutional investors and hedge funds own 93.86% 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.