Announced Bennett C. Frank, Executive Vice President and Chief Scientific Officer of Ionis Pharmaceuticals Inc. (NASDAQ:), recently announced a large stock deal. According to its most recent 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 transaction value of $222,113. The deal comes as Ionis shares trade near their 52-week low of $31.40, with the stock down nearly 38% over the past year. The company, currently valued at about $5 billion, has faced difficult market conditions.
In addition to the sale, the filing also disclosed that Frank acquired 18,011 shares of common stock on January 15, 2025, through vesting of restricted stock units. These shares were acquired at no cost, as part of his compensation package. according to InvestingProwhich provides comprehensive analysis and 8 additional key insights into Ionis, the company is currently operating with moderate debt levels while maintaining strong liquidity.
Following these transactions, Frank owns a total of 90,866 shares of Ionis Pharmaceuticals. Stock transactions were carried out as part of routine financial management and compliance with the Company's stock incentive plans.
In other recent news, Ionis Pharmaceuticals saw significant developments with the FDA approval of its drug TRYNGOLZA for the treatment of familial chylomicronemia syndrome (FCS). Piper Sandler maintained an Overweight rating on Ionis, consistent with the company's positive outlook. The drug, which is priced at $595,000 annually, is expected to generate $37 million in US FCS revenue for fiscal year 2025, according to Piper Sandler forecasts.
On the other hand, Needham maintained a Buy rating on Ionis, with a price target of $60.00. The approval of TRYNGOLZA is an important milestone for the company and is expected to result in a 30.0% reduction in triglycerides within six months. Needham expects TRYNGOLZA revenues in 2025 to reach $27 million, slightly below the current consensus estimate of $28 million.
Furthermore, Ionis announced its third quarter 2024 financial results, emphasizing the importance of non-GAAP financial results. The company believes that these numbers more accurately reflect its business operations and long-term prospects. These latest developments highlight Ionis Pharmaceuticals' progress and potential in the pharmaceutical industry.
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