Insider sale details
Ionis Pharmaceuticals director Lynne Parshall reported the sale of 5,000 shares of common stock on February 11, 2026, according to a Form 4 filed with the Securities and Exchange Commission. The shares were disposed of at a weighted average price of $82.7177, producing gross proceeds of $413,588. Reported execution prices for the lot ranged between $82.585 and $82.97.
After the transaction, Parshall is recorded as directly owning 56,344 shares of Ionis Pharmaceuticals. The company has a reported market capitalization of $13.06 billion.
Context in the share price
The sale occurred as Ionis shares were trading near their 52-week high of $86.74. According to InvestingPro data cited in the filing, the stock has risen 159.66% over the past year and by 88.1% over the last six months. Despite those gains, InvestingPro's analysis noted that the shares appear overvalued relative to the platform's Fair Value estimate.
Investors were reminded that the company’s next earnings report is scheduled for February 25. The filing also specifies that the sale was executed pursuant to a pre-arranged Rule 10b5-1 trading plan that Parshall adopted on May 6, 2025.
Recent corporate and clinical developments
Ionis has been active on multiple fronts, and the filing summarizes several recent developments that underline the company’s clinical and commercial momentum. The European Commission has approved Dawnzera for prevention of hereditary angioedema in patients aged 12 and older, a regulatory milestone that followed Phase 3 trials showing a significant reduction in attack rates.
In a collaboration with GlaxoSmithKline, Ionis reported positive Phase 3 results for bepirovirsen, a candidate for chronic hepatitis B, with statistically significant cure rates. Separately, the U.S. Food and Drug Administration has granted Breakthrough Therapy designation to zilganersen for Alexander disease, reflecting encouraging study results.
Analyst coverage has responded to these developments. RBC Capital raised its price target for Ionis to $95 while maintaining an Outperform rating, citing the company’s shift to a fully integrated commercial model and the performance of Tryngolza in the FCS market. TD Cowen reiterated a Buy rating with a $99 price target, highlighting growth drivers that include Dawnzera and zilganersen.
What the filing and market signals show
The Form 4 disclosure makes clear this was a planned sale under a 10b5-1 arrangement, rather than an ad hoc disposition. The combination of strong share price appreciation, regulatory approvals, positive clinical trial data, and upgraded analyst targets provides the background against which the director's sale occurred. At the same time, the InvestingPro commentary about relative overvaluation and the upcoming earnings date are factors that could influence investor attention in the near term.