Ionis Pops And Drops After SPINRAZA Trial Meets Primary Endpoint

Ionis Pharmaceuticals Inc IONS shares are trading higher by $4.50 (18 percent) at $31.63 in Monday's sessions. Investors are cheering the results of its Phase 3 trial of SPINRAZA that met its primary endpoint for the treatment of later-onset Spinal Muscular Atrophy.

That's the good news.

The bad news is that the raced to $34.77 off the opening bell and has sharply reversed course. That high comes in just above its October 11 high ($34.40) and is just below its October 10 high ($34.94) and October 7 high ($35.05).

Since reaching that elevated level, it has continued to make new lows for the session as $31.57 stands as the current low. If the decline continues, it's difficult to find a reliable support level as the top of Friday's range does not come in until $27.79.