Bennett C. Frank, Executive Vice President and Chief Scientific Officer of Ionis Pharmaceuticals Inc. (NASDAQ:), recently reported an important stock transaction. According to the latest SEC filing, Frank sold 6,752 shares of Ionis common stock on January 16, 2025. The shares were sold at an average price of $32,896, amounting to a total value of $222,113. The transaction comes as Ionis shares are trading near a 52-week low of $31.40, and the stock is down about 38% over the past year. The company, now valued at nearly $5 billion, faces challenging market conditions.
In addition to the sale, the filing also disclosed that Frank received 18,011 shares of common stock on January 15, 2025, through the issuance of Preferred Stock Units. These shares were acquired at no cost, as part of his compensation. According to InvestingProwhich provides a comprehensive analysis and 8 additional key information about Ionis, the company is currently operating at moderate debt levels while maintaining strong sales.
Following this transaction, Frank owns 90,866 shares of Ionis Pharmaceuticals. The stock exchange was carried out as part of routine financial management and compliance with the company's incentive plans.
In other recent news, Ionis Pharmaceuticals has seen a significant development with the FDA approval of its drug, TRYNGOLZA, for the treatment of Familial Chylomicronemia Syndrome (FCS). Piper Sandler maintained its Overweight rating on Ionis, consistent with the company's positive outlook. The drug, which costs $595,000 a year, is expected to generate $37 million in US FCS revenue by fiscal year 2025, according to Piper Sandler.
On the other hand, Needham maintained its Buy rating on Ionis, with a price target of $60.00. The approval of TRYNGOLZA is an important one for the company and is expected to reduce triglycerides by 30.0% at the level of six months. Needham projects TRYNGOLZA revenue by 2025 to be $27 million, slightly below the current consensus estimate of $28 million.
Furthermore, Ionis reported its financial results for the third quarter of 2024, highlighting the importance of non-GAAP financial results. The Company believes these numbers more accurately reflect the business's performance and long-term prospects. These recent developments highlight the progress and capabilities of Ionis Pharmaceuticals in the pharmaceutical industry.
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