Ionis Pharmaceuticals (IONS)
Develops antisense medicines through owned launches and pharmaceutical partnerships.
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Develops and commercializes RNA-targeted medicines across cardiometabolic, rare-disease, and neurology markets. The model combines owned U.S. launches with co-commercialized and partner-led products, generating product sales alongside royalties, research services, licenses, and active-ingredient supply.
Develops RNA-targeted medicines by using antisense chemistry to alter production of disease-related proteins. The marketed portfolio spans cardiometabolic, rare-disease, and neurology treatments, including TRYNGOLZA, DAWNZERA, WAINUA, SPINRAZA, and QALSODY.
Combines owned U.S. commercialization with co-commercialized and partner-led products. Revenue comes from direct product sales alongside royalties, research services, licenses, and active-ingredient supply, reflecting a model that still shares development and commercialization responsibilities.
Decades of chemistry and delivery work support an integrated discovery, development, and commercial platform. Operations remain concentrated in the United States, while product responsibilities vary by geography and partner. Execution depends on clinical and regulatory success, manufacturing, reimbursement, competitive performance, partnerships, intellectual-property protection, personnel, and information systems.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 15, 2026 | Guggenheim | Reiterate | Rating: —Target: $89 | Target: $80 |
| Sep 9, 2026 | Barclays | Reiterate | Rating: —Target: $90 | Target: $85 |
| Sep 8, 2026 | Raymond James | Reiterate | Rating: —Target: $87 | Target: $84 |
| Sep 8, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $110 | Target: $104 |
| Sep 8, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $95 | Target: $85 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.05B · Total debt $2.42B · Total assets $2.99B · Shareholders' equity $439.7M
- Revenue
- $267.9M
- Operating income
- −$102.3M
- Net income
- −$114.6M
No dividends on record.
| Institutions | ≈ 106.48% | 176.94M shares | |
|---|---|---|---|
| 556 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.76% | 1.27M shares | |
| 21 holders · as of Sep 2, 2026 | |||
| Strategic holders | 6.92% | 11.50M shares | |
| 1 holder · as of Jun 7, 2018 | |||
| Adds to | 114.16% | ||
166.18M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 114.16%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 14.82% | 24.63M | as of Jun 30, 2026 |
Capital World InvestorsInstitution | 13.04% | 21.67M | as of Jun 30, 2026 |
Biogen Inc.Strategic | 6.92% | 11.50M | filed Jun 7, 2018 |
BlackRock, Inc.Institution | 6.44% | 10.70M | as of Jun 30, 2026 |
Clearbridge Investments, LLCInstitution | 4.78% | 7.95M | filed Feb 14, 2020 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Michael R. Hayden | director | +15,000 | $53.38 |
| Jul 31, 2026 | Michael R. Hayden | director | +5,000 | $51.60 |
| Jul 7, 2026 | Holly B. Kordasiewicz | officer: EVP, Chief Development Officer | −362 | $84.30 |
| Jul 7, 2026 | Allene M. Diaz | director | −10,111 | $85.42 |
| Jul 7, 2026 | C. Frank Bennett | officer: EVP, Chief Scientific Officer | −20,536 | $84.95 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ionis Pharmaceuticals | $44.78 | −0.27% | $7.46B | — | — | 8.5 | −40.7% |
| Arrowhead Pharmaceuticals | $68.27 | −0.76% | $9.69B | — | — | 14.5 | +171.0% |
| Alnylam Pharmaceuticals | $245.49 | +0.48% | $32.69B | 41.3 | 29.1 | 6.8 | +66.9% |
| BioCryst Pharmaceuticals | $8.80 | +0.40% | $2.23B | — | 16.7 | 2.4 | +33.6% |
| Takeda (ADR) | $18.85 | −0.21% | $60.11B | 52.5 | 59.5 | 2.0 | +4.2% |
| Novartis (ADR) | $140.78 | −0.14% | $267.96B | 21.3 | 15.0 | 4.8 | +0.9% |
| Median | 41.3 | 22.9 | 4.8 | +33.6% |