Why Ionis Pharmaceuticals Inc. Slipped This Morning
Shares of Ionis Pharmaceuticals Inc. (NASDAQ: IONS) dipped 13% lower in early morning trading on Tuesday after its most important collaboration partner reported some disturbing third-quarter sales figures. Although Biogen (NASDAQ: BIIB) recorded a quarter-to-quarter gain in global Spinraza sales, stagnant U.S. sales of the partnered drug suggest it could hit a saturation point earlier than expected. The stock has fallen 10.4% as of 11:03 a.m. EDT on Tuesday.
Ionis has received about $94.4 million from Biogen in the first half of this year in royalty and milestone payments associated with Spinraza, the first and only approved treatment for Spinal Muscular Atrophy. That works out to about 46% of the company's total revenue during the first half of the year.
Image source: Getty Images.
Source: Fool.com
Biogen Inc. Stock
With 42 Buy predictions and 1 Sell predictions Biogen Inc. is one of the favorites of our community.
As a result the target price of 203 € shows a slightly positive potential of 13.48% compared to the current price of 178.88 € for Biogen Inc..
