Shares of Ionis Pharmaceuticals Inc. plunged about 28% on Monday after the drugmaker slashed its sales forecast for Tryngolza, its triglyceride-lowering drug, overshadowing quarterly results that beat Wall Street's expectations.

Ionis shares fell $10.94, or 27.75%, to $28.48 in Monday trading, with about 6.5 million shares changing hands, roughly double the stock's three-month average. The decline cut the company's market value to about $4.7 billion.

The stock was on track for its worst single-day percentage drop since May 26, 2016, according to Dow Jones Market Data. The selloff came even as the S&P 500, Dow Jones and Nasdaq all traded higher.

The Tryngolza forecast drove the selloff. Management cut its full-year 2026........

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