IONS
Ionis Pharmaceuticals Inc. Healthcare - Biotechnology Investor Relations →
Ionis Pharmaceuticals Inc. (IONS) closed at $70.99 as of 2026-03-20, trading 55.7% above its 200-week moving average of $45.60. The stock is currently moving closer to the line, down from 56.6% last week. The 14-week RSI sits at 37, indicating neutral momentum.
Trading volume is running at 1.4x of its 14-week average, which is in the normal range. The balance between buying and selling volume (0.93 ratio) is neutral — neither side is clearly dominating.
Over the past 1770 weeks of data, IONS has crossed below its 200-week moving average 26 times. On average, these episodes lasted 36 weeks. Historically, investors who bought IONS at the start of these episodes saw an average one-year return of +11.5%.
With a market cap of $11.7 billion, IONS is a large-cap stock. Free cash flow yield is currently negative, meaning the company is burning cash. Return on equity stands at -70.8%. The stock trades at 23.7x book value.
Share count has increased 15.0% over three years, indicating dilution.
Over the past 33.2 years, a hypothetical investment of $100 in IONS would have grown to $996, compared to $2683 for the S&P 500. IONS has returned 7.2% annualized vs 10.4% for the index, underperforming the broader market over this period.
Free cash flow has been declining. A deteriorating cash flow trend warrants extra scrutiny — the stock may be cheap for a reason.
Business Health
Annual financials — how the underlying business has performed over the past several years.
Cash Flow Free cash flow & net income ($M)
Revenue Annual revenue ($M) — business growth proxy
Total Debt Balance sheet debt ($M)
ROIC Return on invested capital (%)
FCF Yield Free cash flow / market cap (%) — Yartseva signal
Gross Margin Pricing power & competitive moat (%)
Shares Outstanding Buybacks vs dilution (millions)
Growth of $100: IONS vs S&P 500
Monthly data normalized to $100 at start. Vertical dashed lines mark 200-week MA touches.
What Happens After IONS Crosses Below the Line?
Across 26 historical episodes, buying IONS when it crossed below its 200-week moving average produced an average return of +17.0% after 12 months (median -1.0%), compared to +9.0% for the S&P 500 over the same periods. 42% of those episodes were profitable after one year. After 24 months, the average return was +37.8% vs +13.6% for the index.
Each line shows $100 invested at the moment IONS crossed below its 200-week MA. Bold blue = stock average. Gray dashed = S&P 500 average over same periods.
Historical Touches
IONS has crossed below its 200-week MA 26 times with an average 1-year return of +11.5% after recovery.
| Crossed Below | Recovered | Weeks | Max Depth | 1-Year Return | Return Since Touch |
|---|---|---|---|---|---|
| Apr 1992 | May 1995 | 160 | 61.6% | -36.5% | +667.5% |
| Jun 1998 | Jul 1998 | 4 | 5.5% | -24.3% | +462.3% |
| Jul 1998 | Jan 1999 | 23 | 33.8% | -13.5% | +491.6% |
| Jan 1999 | Nov 1999 | 42 | 32.3% | -43.7% | +411.6% |
| Dec 1999 | Feb 2000 | 11 | 62.0% | +61.7% | +1108.3% |
| Apr 2000 | Jun 2000 | 11 | 33.6% | -14.8% | +576.1% |
| Jul 2000 | Jun 2001 | 50 | 31.0% | -7.6% | +451.4% |
| Jul 2001 | Jul 2001 | 1 | 1.6% | -40.3% | +496.6% |
| Jul 2001 | Aug 2001 | 3 | 15.8% | -32.6% | +494.1% |
| Apr 2002 | Feb 2006 | 198 | 74.8% | -61.9% | +484.8% |
| Jul 2006 | Jul 2006 | 3 | 2.4% | +73.6% | +1124.0% |
| Nov 2009 | Jun 2012 | 134 | 46.2% | -13.7% | +532.1% |
| Oct 2012 | Dec 2012 | 11 | 20.6% | +249.5% | +659.3% |
| Feb 2016 | Feb 2016 | 4 | 8.7% | +31.2% | +100.6% |
| May 2016 | Nov 2016 | 27 | 43.5% | +40.3% | +108.7% |
| Mar 2017 | Apr 2017 | 6 | 10.6% | +26.6% | +69.7% |
| May 2017 | May 2017 | 1 | 1.0% | +2.5% | +63.0% |
| Mar 2018 | Aug 2018 | 19 | 14.4% | +84.1% | +61.0% |
| Aug 2018 | Sep 2018 | 3 | 8.8% | +38.3% | +55.4% |
| Oct 2018 | Oct 2018 | 3 | 6.8% | +39.4% | +57.8% |
| Feb 2020 | Apr 2020 | 6 | 14.7% | +3.2% | +39.8% |
| Aug 2020 | Dec 2020 | 19 | 16.2% | -24.8% | +34.5% |
| Feb 2021 | Sep 2023 | 135 | 49.7% | -39.4% | +35.5% |
| Mar 2024 | Mar 2024 | 2 | 1.1% | -22.5% | +66.8% |
| Apr 2024 | Jun 2024 | 10 | 11.6% | -33.2% | +70.1% |
| Sep 2024 | Jun 2025 | 39 | 31.5% | +56.9% | +73.8% |
| Average | 36 | — | +11.5% | — |
Frequently Asked Questions
Is IONS below its 200-week moving average?
No. Ionis Pharmaceuticals Inc. (IONS) is currently 55.7% above its 200-week moving average of $45.60. It would need to fall to $45.60 to cross below the line.
What is IONS's 200-week moving average price?
Ionis Pharmaceuticals Inc.'s 200-week moving average is $45.60 as of 2026-03-20. This is the average weekly closing price over roughly the last 4 years, and it acts as a long-term trend line. When a stock drops below this level, it can signal that the price has fallen far enough from the long-term trend to attract value-oriented investors.
What happens when IONS drops below its 200-week moving average?
IONS has crossed below its 200-week moving average 26 times in our data. On average, buying at that moment produced a one-year return of +11.5%. These dips have historically been decent entry points. These episodes lasted 36 weeks on average.
Is IONS a good value right now?
Here's what our data says about IONS as of 2026-03-20: The stock is above its 200-week moving average, so it doesn't currently meet our primary signal. The 14-week RSI is 37. Free cash flow is currently negative. Return on equity is -70.8%. Price-to-book is 23.7x. This is not a buy or sell recommendation — always do your own research.
How does IONS compare to the S&P 500?
Over the past 33.2 years, $100 invested in IONS would have grown to $996, compared to $2683 for the S&P 500. That's 7.2% annualized vs 10.4% for the index. IONS has underperformed the broader market over this period.
Not financial advice. This is an educational tool. Past performance does not guarantee future results. Do your own research before making investment decisions.
Data as of week of 2026-03-20