Patrick R. O’Neil, Executive Vice President, Chief Legal Officer, and General Counsel at Ionis Pharmaceuticals Inc (NASDAQ:IONS), sold 7,360 shares of the company’s common stock on January 16, 2025. The shares were sold at a weighted average price of $32.83, resulting in a total transaction value of approximately $241,628. The transaction comes as the $4.97 billion market cap biotech company trades near its 52-week low, with shares down about 10% year-to-date. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 8.91.
The sale was part of an automatic sale to cover tax withholding obligations under the company’s 2011 Equity Incentive Plan. Following the sale, O’Neil owns 61,203 shares of Ionis Pharmaceuticals directly. Want deeper insights? InvestingPro subscribers have access to 8 additional key insights about Ionis, including detailed profitability metrics and growth forecasts.
In addition to the sale, O’Neil acquired 19,690 shares of common stock through the vesting and release of shares under Restricted Stock Unit (RSU) awards on January 15, 2025. These shares were acquired at no cost, as part of his compensation package.
In other recent news, Ionis Pharmaceuticals maintained its Overweight rating by Piper Sandler and its Buy rating by Needham, following the U.S. Food and Drug Administration’s (FDA) approval of olezarsen (TRYNGOLZA) for adults with familial chylomicronemia syndrome (FCS). This approval marks Ionis Pharmaceuticals’ first solo commercial drug launch, a significant milestone for the company. The newly approved drug is priced at $595,000 per year, aligning with the anticipated cost for treatments targeting ultra-rare diseases.
Piper Sandler and Needham project a reasonable $37 million in U.S. FCS revenue for the fiscal year 2025, despite the company’s current operation at a loss. These projections come in light of Ionis Pharmaceuticals’ strong revenue growth of 30.57% over the last twelve months, with a strong liquidity position reflected in a current ratio of 8.91x.
Analysts from TD Cowen also expressed confidence in Ionis Pharmaceuticals following the FDA approval. The company plans to transition patients from Open-Label Extension (OLE) and Expanded Access Program (EAP) to the commercial drug during the first half of 2025, with expectations for a gradual increase in uptake thereafter. These recent developments highlight Ionis Pharmaceuticals’ progress and potential in the pharmaceutical industry.
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