Ionis Pharmaceuticals, Inc. (IONS) Stock Price & Analysis
Ionis Pharmaceuticals, Inc. (IONS) closed at USD 43.91 on Thursday, October 22, 2026, down 0.81% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 44.27; the Oct 22, 2026 session ranged USD 43.5–45.15 on volume of 5,012,008 shares. Market capitalization is $7.30B, with a 52-week range of USD 42.08–86.74 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:12 UTC.
Also available as compact Markdown for AI agents: nexqual.com/IONS.md
Key facts (IONS)
- Last four reported quarters (through Jun 30, 2026): revenue $874M, net income -$565M (-64.7% margin), free cash flow -$561M (SEC filings).
- 1 of 80 tracked superinvestors hold IONS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.80 on a 1–5 scale) (25 analysts), mean target USD 82.91 (range 58–105).
- Total return with dividends: 1Y -38.6% vs S&P 500 +14.9%; 5Y +44.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.92, revenue estimate $184M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (IONS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $810M | $587M | $788M | $705M | $944M | $874M |
| Gross profit | $800M | $573M | $779M | $694M | $928M | — |
| Operating income | -$30.2M | -$410M | -$354M | -$475M | -$382M | -$594M |
| Net income | -$28.6M | -$270M | -$366M | -$454M | -$381M | -$565M |
| EPS (diluted) | -$0.20 | -$1.90 | -$2.56 | -$3.04 | -$2.38 | — |
| Free cash flow | $18.8M | -$290M | -$331M | -$546M | -$320M | -$561M |
| Gross margin | 98.7% | 97.6% | 98.8% | 98.4% | 98.3% | — |
| Operating margin | -3.7% | -69.8% | -44.9% | -67.4% | -40.4% | -68.0% |
| Net margin | -3.5% | -45.9% | -46.5% | -64.4% | -40.4% | -64.7% |
| Revenue growth | +11.1% | -27.5% | +34.1% | -10.5% | +33.8% | — |
| Cash + short-term investments | $2.11B | $1.99B | $2.33B | $2.30B | $2.68B | — |
| Total debt | — | $1.19B | $1.31B | $1.25B | $1.81B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (IONS)
P/S 8.3x · P/B 16.6x · FCF yield -7.69% · Earnings yield -7.75%
Superinvestors (SEC 13F-HR, Q2 2026) (IONS)
1 of 80 tracked investors hold IONS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne | 13.70% | $181M | Added +0.2% |
Analysts (IONS)
Consensus Buy (mean 1.80 on a 1–5 scale), 25 analysts; mean target USD 82.91 (low 58, high 105).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | BMO Capital | Upgrade | Market Perform → Outperform | $54 → $66 |
| 2026-10-15 | UBS | Upgrade | Neutral → Buy | $46 → $88 |
| 2026-09-24 | HC Wainwright & Co. | Reiterated | Buy | $100 |
| 2026-09-22 | JP Morgan | Target lowered | Overweight | $76 → $70 |
| 2026-09-15 | Guggenheim | Target lowered | Buy | $89 → $80 |
| 2026-09-09 | Barclays | Target lowered | Overweight | $90 → $85 |
| 2026-09-08 | Morgan Stanley | Target lowered | Overweight | $110 → $104 |
| 2026-09-08 | Goldman Sachs | Target lowered | Neutral | $69 → $56 |
| 2026-09-08 | BMO Capital | Target lowered | Market Perform | $61 → $54 |
| 2026-09-08 | Canaccord Genuity | Target lowered | Buy | $95 → $85 |
| 2026-09-08 | HC Wainwright & Co. | Target lowered | Buy | $115 → $100 |
| 2026-09-04 | Needham | Reiterated | Buy | $86 |
Total return (dividends reinvested) (IONS)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -38.6% | +44.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -38.7% | +7.6% |
| Volatility (annualized) | 44.9% | 42.0% |
| Max drawdown | -51.0% (Feb 2026→Oct 2026) | -50.4% (Feb 2026→Oct 2026) |
IONS revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Research & Development Revenue | $149.3M | 55.7% | -57.2% |
| Collaborative Agreement Revenue | $133.1M | 49.7% | -60.5% |
| Commercial | $118.6M | 44.3% | +15.4% |
| Royalty | $76.0M | 28.3% | +8.6% |
| Spinraza Royalties | $53.5M | 20.0% | -1.6% |
| Product | $31.1M | 11.6% | +61.6% |
| DAWNZERA Sales | $26.6M | 9.9% | — |
| Wainus Royalties | $16.4M | 6.1% | +57.8% |
| Wainua Joint Development Revenue | $16.2M | 6.0% | +30.9% |
| Other Commercial | $11.5M | 4.3% | -14.8% |
| Other Royalties | $6.0M | 2.3% | +16.1% |
| Tryngolza | $4.6M | 1.7% | -76.3% |
| Total revenue | $267.9M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
IONS suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Otsuka Pharmaceutical | “Our partner, Otsuka Pharmaceutical Co., Ltd., or Otsuka, is responsible for commercializing DAWNZERA in Europe and Asia.” |
| Partner | PTC Therapeutics International | “In Latin America, PTC is commercializing TEGSEDI in Brazil and is pursuing access in additional Latin American countries through its exclusive license agreement with us.” |
| Partner | Ono Pharmaceutical | “Our partners include the following companies, among others: AstraZeneca, Biogen, GSK, Novartis, Ono, Otsuka and Roche.” |
| Partner | Hoffmann-La Roche | “Our partner, Hoffmann-La Roche Inc. and F.” |
| Partner | Theratechnologies | “In December 2024, we entered into an agreement with Theratechnologies, Inc. to commercialize DAWNZERA and olezarsen in Canada.” |
Quoted from the company's 10-K filed Feb 26, 2026.
Companies that name IONS in their SEC reports
| Relationship to IONS | Company | Filing | Sentence |
|---|---|---|---|
| partner | BICYCLE THERAPEUTICS PLC (BCYC) | 10-K Mar 17, 2026 | “On July 9, 2021, we and Ionis entered into a collaboration and license agreement, or the Ionis Collaboration Agreement.” |
| partner | Metagenomi Therapeutics, Inc. (MGX) | 10-K Mar 5, 2026 | “Our existing partnership with Ionis demonstrates our thoughtful approach to collaborating with an industry pioneer to accelerate and optimize the development of our genetic therapeutic candidates in cardiometabolic indications.” |
| partner | PTC THERAPEUTICS, INC. (PTCT) | 10-K Feb 19, 2026 | “PTC Therapeutics International Limited, our subsidiary, entered into a Collaboration and License Agreement, or the Tegsedi-Waylivra Agreement, dated August 1, 2018 by and between us and Akcea, a subsidiary of Ionis Pharmaceuticals, Inc., for the commercialization by us of Tegsedi, Waylivra and products containing those compounds, which we refer to collectively as the Products, in countries in Latin America and the…” |
| partner | Praxis Precision Medicines, Inc. (PRAX) | 10-K Feb 19, 2026 | “RogCon had an existing collaboration arrangement with Ionis Pharmaceuticals, Inc., or Ionis, and as a result, we and Ionis negotiated a Research Collaboration, Option and License Agreement, or the Ionis Agreement, (described below) in order to complete the license agreement with RogCon.” |
| partner | AGIOS PHARMACEUTICALS, INC. (AGIO) | 10-K Feb 12, 2026 | “Ionis Pharmaceuticals, Inc., or Ionis, in collaboration with Ono Pharmaceutical Co., Ltd./Deciphera Pharmaceuticals, Inc., or Ono/Deciphera;” |
| partner | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | 10-K Feb 12, 2026 | “Ionis Pharmaceuticals, Inc. In January 2015, we and Ionis Pharmaceuticals, Inc., or Ionis, entered into a second amended and restated strategic collaboration and license agreement, which we further amended in July 2015, or the 2015 Ionis agreement.” |
IONS company outlook (results filed Jul 29, 2026)
- “Hougen, chief financial officer of Ionis. "Even with the outcome of the CARDIO-TTRansform study of eplontersen in ATTR-CM, our first-half execution and positive outlook for the second half of the year keep us on track to achieve our 2026 financial guidance.”
- “Operating Expenses Operating expenses for the second quarter and first half of 2026 increased year over year, in line with expectations, primarily from investments related to the commercialization efforts for TRYNGOLZA and DAWNZERA and launch preparations for zilganersen in Alexander disease, with full-year expenses remaining on track for low-teens percentage growth year-over-year.”
Quoted word-for-word from the SEC 8-K results press release.
IONS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.92 | $-0.81 | +13.7% | $184.4M | 8 |
| Next quarter (ends Dec 2026) | $-0.89 | $-0.64 | +39.0% | $236.9M | 8 |
| Current fiscal year (ends Dec 2026) | $-2.62 | $-2.62 | +0.3% | $922.4M | 10 |
| Next fiscal year (ends Dec 2027) | $-1.15 | $-1.07 | +7.3% | $1.36B | 10 |
IONS options: expected move
Options price a move of about ±13.5% (±$5.95) by Nov 20, 2026, which includes earnings on Nov 4, 2026. Over the last 8 reports the stock moved ±3.5% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 58.9% | ±13.5% |
| Dec 18, 2026 | 56 | 52.4% | ±16.8% |
| Jan 15, 2027 | 84 | 51.0% | ±19.9% |
| Apr 16, 2027 | 175 | 45.3% | ±25.2% |
30-day implied volatility 54.3% vs 50% realized over the last 30 trading days. Put/call ratio (volume) 0.37. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:12 UTC)
| Price | USD 43.91 |
|---|---|
| Change | ▼ 0.81% (down) |
| Previous Close | USD 44.27 |
| Open | USD 45.02 |
| Day Range | USD 43.5 – 45.15 |
| 52-Week Range | USD 42.08 – 86.74 |
| Volume | 5,012,008 shares |
| Market Cap | $7.30B |
| Exchange | NMS |
Technical Analysis (IONS)
Nexqual's technical model rates IONS "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:12 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 38.3 (neutral) |
| vs SMA50 | Below (USD 50.78) |
| MACD | -1.6 (negative) |
Analyst Ratings (IONS)
Wall Street analysts rate IONS "Buy" based on 25 analysts, with a mean price target of USD 82.91 (range USD 58–105), per Nexqual as of October 23, 2026 at 09:12 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 25 |
| Mean Target | USD 82.91 |
| High Target | USD 105 |
| Low Target | USD 58 |
| Buy / Hold / Sell | 21 / 4 / 0 |
Earnings (IONS)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD -0.92 |
| Revenue Estimate | $184.36M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.42 vs est -0.88 ▲ beat |
| 2026-03-31 | USD -0.3 vs est -0.78 ▲ beat |
| 2025-12-31 | USD -1.15 vs est -1.22 ▲ beat |
| 2025-09-30 | USD -0.61 vs est -1.05 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
Financials & Fundamentals (IONS)
| Total Revenue | $874.09M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -40.70% |
| Gross Margin | -6.93% |
| Operating Margin | -38.18% |
| Profit Margin | -64.66% |
| ROE | -105.50% |
| Debt / Equity | 4.98 |
| Current Ratio | 7.89 |
| Total Cash | $2.10B |
| Total Debt | $2.19B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$560.84M (-64.2% of revenue) |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
Financial Health Score (IONS)
Nexqual rates Ionis Pharmaceuticals, Inc.'s overall financial health "Weak" across five dimensions, as of October 23, 2026 at 09:12 UTC.
| Growth | Strong — Revenue +34% YoY (annual) |
|---|---|
| Profitability | Critical — Gross margin -7%, operating -38% (last 12 months) |
| Balance Sheet | Weak — $2.68B cash and investments vs $1.81B debt (Dec 2025, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$561M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Critical — ROE -105%, ROA -12.4% |
Ownership (IONS)
| Insider Ownership | +0.60% |
|---|---|
| Institutional Ownership | +110.13% |
| Shares Outstanding | 166.18M |
| Float | 164.82M |
| Short % of Float | +17.94% |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
Leadership (IONS)
Ionis Pharmaceuticals, Inc. is led by Brett P. Monia, Founder, CEO & Director, per Nexqual as of October 23, 2026 at 09:12 UTC.
| Founder, CEO & Director | Brett P. Monia |
|---|---|
| Executive VP of Finance & CFO | Elizabeth L. Hougen M.A., M.B.A., M.S. |
| Executive Vice President & Head of Research | Eric E. Swayze |
| Executive Vice President of Corporate & Development Operations | Brian Birchler |
| Executive VP & Chief Scientific Officer | C. Frank Bennett BSc |
Major Backers & Investors (IONS)
Notable institutional backers of Ionis Pharmaceuticals, Inc. include FMR, LLC, Capital Group, Fidelity, according to Nexqual as of October 23, 2026 at 09:12 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 14.82% |
| Capital Group | 13.04% |
| Fidelity | 6.56% |
| Growth Fund of America | 4.61% |
| Wellington Management | 4.6% |
| Two Sigma Investments, LP | 3.76% |
| Royal Bank of Canada | 3.72% |
| SmallCap World Fund Inc | 3.17% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 9.07% |
| BlackRock | 6.44% |
Source: Nexqual, October 23, 2026 at 09:12 UTC.
From Ionis Pharmaceuticals, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- From inception through December 31, 2025, we recognized more than $2.5 billion in total revenue under this collaboration, including more than $2.0 billion in revenue from SPINRAZA royalties and more than $425 million in R&D revenue.
- Our technology enables us to change the function or expression of a gene in a highly specific and directed manner, which, in turn, can help address the root cause of a disease.
- Our technology can also increase or change the expression of a gene.
- We developed tominersen through completion of our Phase 1/2 clinical study in people with early-stage HD.
Partnerships
- In Latin America, PTC is commercializing TEGSEDI in Brazil and is pursuing access in additional Latin American countries through its exclusive license agreement with us.
- PTC is commercializing WAYLIVRA in Brazil and is pursuing access in additional Latin American countries through its exclusive license agreement with us.
Legal & Regulatory Risks (Item 1A, quoted)
- We and our partners may not obtain necessary regulatory approvals on a timely basis, if at all, for our medicines.
- We depend on third parties to conduct clinical studies for our medicines and any failure of those parties to fulfill their obligations could adversely affect our development and commercialization plans.
- We may not be able to benefit from designations for our medicines from regulatory authorities that are intended to confer benefits such as financial incentives or an accelerated regulatory pathway.
- We may also seek rare pediatric disease designation for some of our medicines.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| PRAX | Praxis Precision Medicines, Inc | USD 258.92 | ▲ 0.96% |
| TGTX | TG Therapeutics, Inc. | USD 53.16 | ▼ 0.08% |
| ABVX | Abivax SA | USD 90.23 | ▼ 3.49% |
| IOVA | Iovance Biotherapeutics, Inc. | USD 14.14 | ▼ 3.28% |
| AXSM | Axsome Therapeutics, Inc. | USD 156.07 | ▼ 0.15% |
| ARWR | Arrowhead Pharmaceuticals, Inc. | USD 58.36 | ▼ 0.82% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:12 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt