The President says no (http://m.huffpost.com/us/entry/6656656), but does the knowledge that capture by ISIS almost certainly means death change the calculus?
I feel that the issue of hostage negotiation is very complex. I generally tend toward not negotiating, but it does seem to make sense in certain contexts, such as Colombia. But since you put it in the context of ISIS, I would never negotiate with them. Recall that they brutally murdered that Jordanian pilot and then pretended he was still alive so they could pretend to negotiate.
There is a reason why the US do not negotiate with terrorists/kidnapers, for one they cant be trusted and can easily turn their weapons on the hostage even if they get what they want and some criminals simply cant be bargained with and want ridiculous payment for the release of a hostage.
If you do give them what they want by negotiation and they get away you are showing them that the US can be pushed around and criminals can get what they want which will lead to a chain reaction and can possible create even more criminals who think they can get what they want.