Eric Swayze, who serves as Executive Vice President of Research at Ionis Pharmaceuticals, reported the sale of 15,642 shares of common stock on February 13, 2026, in a Form 4 filing with the Securities and Exchange Commission. The combined proceeds from the two transactions were approximately $1.27 million.
The dispositions were recorded in two tranches. The first sale consisted of 9,435 shares at prices between $80.76 and $81.76. The second sale covered 6,207 shares at prices ranging from $81.765 to $82.315. According to the filing, these transactions were carried out pursuant to a Rule 10b5-1 trading plan that Swayze adopted on August 14, 2024.
Post-transaction holdings reported in the filing show that Swayze directly retains ownership of 32,105 Ionis shares. The filing also notes indirect ownership of 318 shares through his son.
The insider selling comes as Ionis shares have climbed 159.66% over the past year and are trading near a 52-week high of $86.74. InvestingPro is cited in the filing as indicating that the stock appears overvalued relative to its Fair Value.
Recent corporate and clinical developments
Ionis has reported a string of product and trial developments that accompany the insider transaction. The company received European Commission approval for Dawnzera, a therapy for hereditary angioedema (HAE), after Phase 3 trials that demonstrated a significant reduction in monthly attack rates. In addition, Ionis announced positive Phase 3 results for bepirovirsen, GSK’s hepatitis B drug developed in collaboration with Ionis, which reportedly achieved statistically significant cure rates.
Analyst reactions highlighted in the company update include RBC Capital raising its price target on Ionis to $95 while maintaining an Outperform rating, citing the company’s transition to a fully integrated commercial model. TD Cowen reiterated a Buy rating with a $99 price objective and emphasized expected growth driven by products such as Tryngolza and Dawnzera. Separately, the FDA granted Breakthrough Therapy designation to Ionis’ zilganersen for Alexander disease following promising study results.
Context and implications
The filings and recent company announcements together portray a period of accelerated regulatory and clinical activity for Ionis, alongside notable insider sales executed under an established plan. The information in the filings and corporate disclosures is factual and limited to the transactions, ownership figures, valuation commentary from InvestingPro, and the listed clinical and regulatory outcomes.