Ionis Pharmaceuticals Target of Unusually High Options Trading (NASDAQ:IONS)

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) was the target of unusually large options trading on Thursday. Stock traders acquired 10,371 put options on the company. This represents an increase of 606% compared to the typical volume of 1,470 put options.

More Ionis Pharmaceuticals News

Here are the key news stories impacting Ionis Pharmaceuticals this week:

• Positive Sentiment: Ionis recently completed enrollment in the pivotal pediatric cohort of its Phase 3 REVEAL study for Angelman syndrome, advancing obudanersen toward possible regulatory filings. Article Title
• Neutral Sentiment: Ionis drew unusually heavy call-option buying, which suggests some traders were betting on a rebound after the selloff. Article Title
• Negative Sentiment: The AstraZeneca/Ionis late-stage failure is a major blow because the trial was testing whether eplontersen could reduce cardiovascular deaths and recurring heart problems, a key commercial opportunity for the partnership. Article Title
• Negative Sentiment: Market coverage also pointed to a sharp stock slump after the trial disappointment, with investors rotating into competitors such as Alnylam and BridgeBio on the readout. Article Title

Analyst Upgrades and Downgrades

A number of research analysts have commented on IONS shares. Barclays upped their price target on Ionis Pharmaceuticals from $106.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Morgan Stanley lifted their price objective on Ionis Pharmaceuticals from $95.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Raymond James Financial initiated coverage on Ionis Pharmaceuticals in a report on Friday, April 10th. They issued an “outperform” rating and a $104.00 price objective on the stock. The Goldman Sachs Group increased their target price on Ionis Pharmaceuticals from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $108.00 target price on shares of Ionis Pharmaceuticals in a research report on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Ionis Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $102.90.

Ionis Pharmaceuticals Stock Down 23.7%

Shares of NASDAQ IONS traded down $20.05 during mid-day trading on Thursday, hitting $64.41. The company had a trading volume of 11,943,426 shares, compared to its average volume of 2,150,475. The company has a market capitalization of $10.64 billion, a PE ratio of -31.22 and a beta of 0.36. The company has a debt-to-equity ratio of 2.75, a current ratio of 4.10 and a quick ratio of 4.09. Ionis Pharmaceuticals has a 1-year low of $40.03 and a 1-year high of $86.74. The business’s 50-day simple moving average is $76.27 and its 200 day simple moving average is $77.51.

Ionis Pharmaceuticals (NASDAQ:IONS) last released its earnings results on Wednesday, April 29th. The company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.85) by $0.29. Ionis Pharmaceuticals had a negative return on equity of 58.65% and a negative net margin of 30.91%.The firm had revenue of $246.09 million during the quarter, compared to analysts’ expectations of $195.56 million. During the same period in the previous year, the firm posted ($0.93) EPS. Ionis Pharmaceuticals’s revenue for the quarter was up 86.4% on a year-over-year basis. On average, analysts predict that Ionis Pharmaceuticals will post -3.69 earnings per share for the current year.

Insider Activity

In related news, EVP Eugene Schneider sold 26,000 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $81.05, for a total value of $2,107,300.00. Following the sale, the executive vice president directly owned 77,114 shares in the company, valued at approximately $6,250,089.70. The trade was a 25.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Spencer R. Berthelsen sold 8,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $73.49, for a total transaction of $587,920.00. Following the completion of the transaction, the director directly owned 156,013 shares in the company, valued at $11,465,395.37. The trade was a 4.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 213,029 shares of company stock worth $16,500,601. 1.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Ionis Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Jain Global LLC increased its holdings in shares of Ionis Pharmaceuticals by 3,037.4% in the 3rd quarter. Jain Global LLC now owns 225,739 shares of the company’s stock valued at $14,768,000 after purchasing an additional 218,544 shares in the last quarter. DAVENPORT & Co LLC boosted its holdings in Ionis Pharmaceuticals by 248.3% during the fourth quarter. DAVENPORT & Co LLC now owns 217,897 shares of the company’s stock worth $17,238,000 after buying an additional 155,334 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Ionis Pharmaceuticals by 230.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 878,155 shares of the company’s stock worth $57,449,000 after buying an additional 612,362 shares in the last quarter. SG Americas Securities LLC increased its holdings in Ionis Pharmaceuticals by 548.7% in the fourth quarter. SG Americas Securities LLC now owns 33,409 shares of the company’s stock valued at $2,643,000 after buying an additional 28,259 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Ionis Pharmaceuticals by 51.7% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 42,394 shares of the company’s stock valued at $3,354,000 after buying an additional 14,455 shares in the last quarter. 93.86% of the stock is currently owned by hedge funds and other institutional investors.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is a biotechnology company focused on the discovery and development of RNA-targeted therapies designed to modulate gene expression. The company’s proprietary antisense oligonucleotide (ASO) technology enables the selective binding of short synthetic strands of nucleic acids to messenger RNA (mRNA), thereby inhibiting or altering the production of disease-causing proteins. Ionis’ pipeline spans a range of therapeutic areas, including neurological disorders, cardiovascular conditions, metabolic diseases and rare genetic disorders.

Since its founding in 1989 by Dr.