Analysts at Janney Montgomery Scott initiated coverage on shares of Ionis Pharmaceuticals Inc. (NASDAQ:IONS) in a research note issued to investors on Wednesday, The Fly reports. The firm set a “buy” rating on the stock.
Several other research firms have also recently issued reports on IONS. BMO Capital Markets raised their price target on Ionis Pharmaceuticals from $25.00 to $40.00 and gave the company a “market perform” rating in a report on Monday, August 1st. Barclays PLC raised their target price on Ionis Pharmaceuticals from $26.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 2nd. Morgan Stanley started coverage on Ionis Pharmaceuticals in a report on Tuesday, August 2nd. They set an “equal weight” rating and a $37.00 target price on the stock. Leerink Swann restated a “market perform” rating and set a $36.00 target price (up previously from $26.00) on shares of Ionis Pharmaceuticals in a report on Tuesday, August 2nd. Finally, Cowen and Company restated a “buy” rating on shares of Ionis Pharmaceuticals in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Ionis Pharmaceuticals has an average rating of “Hold” and a consensus price target of $41.82.
Shares of Ionis Pharmaceuticals (NASDAQ:IONS) traded down 1.42% during midday trading on Wednesday, hitting $36.20. The company had a trading volume of 1,496,362 shares. Ionis Pharmaceuticals has a 12-month low of $19.59 and a 12-month high of $65.34. The firm’s market capitalization is $4.38 billion. The firm’s 50-day moving average is $32.55 and its 200-day moving average is $32.38.
Ionis Pharmaceuticals (NASDAQ:IONS) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.05. The business had revenue of $38.50 million for the quarter, compared to analysts’ expectations of $38.52 million. Ionis Pharmaceuticals had a negative return on equity of 126.88% and a negative net margin of 128.94%. The business’s quarterly revenue was down 68.0% on a year-over-year basis. On average, analysts predict that Ionis Pharmaceuticals will post ($1.07) earnings per share for the current fiscal year.
In related news, COO B Lynne Parshall sold 12,500 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $29.88, for a total value of $373,500.00. Following the sale, the chief operating officer now owns 25,558 shares of the company’s stock, valued at approximately $763,673.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Stanley T. Crooke sold 22,000 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $35.50, for a total value of $781,000.00. Following the completion of the sale, the chairman now directly owns 45,029 shares in the company, valued at approximately $1,598,529.50. The disclosure for this sale can be found here. 1.86% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Parametric Risk Advisors LLC bought a new position in Ionis Pharmaceuticals during the first quarter worth $106,000. Rockefeller Financial Services Inc. bought a new position in Ionis Pharmaceuticals during the second quarter worth $114,000. Opera Trading Capital increased its position in Ionis Pharmaceuticals by 150.0% in the first quarter. Opera Trading Capital now owns 2,892 shares of the company’s stock worth $117,000 after buying an additional 1,735 shares in the last quarter. US Bancorp DE increased its position in Ionis Pharmaceuticals by 37.8% in the second quarter. US Bancorp DE now owns 5,952 shares of the company’s stock worth $139,000 after buying an additional 1,634 shares in the last quarter. Finally, GAM Holding AG increased its position in Ionis Pharmaceuticals by 118.5% in the second quarter. GAM Holding AG now owns 7,727 shares of the company’s stock worth $180,000 after buying an additional 4,191 shares in the last quarter. 89.58% of the stock is currently owned by institutional investors and hedge funds.
About Ionis Pharmaceuticals
Ionis Pharmaceuticals, Inc, formerly Isis Pharmaceuticals, Inc, is engaged in discovering and developing ribonucleic acid-targeted (RNA-targeted) therapeutics. The Company operates through two segments: Ionis Core and Akcea Therapeutics. The Company’s Ionis Core segment is developing a drug discovery platform.
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