BMO Capital Markets upgraded shares of Ionis Pharmaceuticals Inc. (NASDAQ:IONS) from a market perform rating to an outperform rating in a research note issued to investors on Thursday. The firm currently has $48.00 price target on the stock, up from their previous price target of $42.00.
A number of other analysts have also weighed in on the company. Janney Montgomery Scott began coverage on Ionis Pharmaceuticals in a research note on Wednesday, September 28th. They issued a buy rating and a $47.00 target price for the company. Piper Jaffray Cos. restated an overweight rating and issued a $46.00 target price on shares of Ionis Pharmaceuticals in a research note on Monday, September 26th. Wells Fargo & Co. restated a buy rating on shares of Ionis Pharmaceuticals in a research note on Sunday, September 11th. Cowen and Company restated a market perform rating on shares of Ionis Pharmaceuticals in a research note on Saturday, August 13th. Finally, Zacks Investment Research lowered Ionis Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, August 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $42.92.
Shares of Ionis Pharmaceuticals (NASDAQ:IONS) traded down 2.54% during trading on Thursday, hitting $33.39. The stock had a trading volume of 898,071 shares. The company’s market capitalization is $4.04 billion. The firm has a 50 day moving average of $32.65 and a 200 day moving average of $32.35. Ionis Pharmaceuticals has a 1-year low of $19.59 and a 1-year high of $65.34.
Ionis Pharmaceuticals (NASDAQ:IONS) last announced its earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.05. Ionis Pharmaceuticals had a negative return on equity of 126.88% and a negative net margin of 128.94%. The company earned $38.50 million during the quarter, compared to analyst estimates of $38.52 million. The firm’s revenue for the quarter was down 68.0% on a year-over-year basis. Analysts expect that Ionis Pharmaceuticals will post ($1.11) EPS for the current fiscal year.
In other news, COO B Lynne Parshall sold 12,500 shares of Ionis Pharmaceuticals stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $29.88, for a total transaction of $373,500.00. Following the transaction, the chief operating officer now owns 25,558 shares in the company, valued at approximately $763,673.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Stanley T. Crooke sold 22,000 shares of Ionis Pharmaceuticals stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $36.02, for a total value of $792,440.00. Following the transaction, the chairman now owns 45,029 shares in the company, valued at approximately $1,621,944.58. The disclosure for this sale can be found here. Company insiders own 1.86% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its position in Ionis Pharmaceuticals by 372.6% in the second quarter. AQR Capital Management LLC now owns 1,858,239 shares of the company’s stock valued at $43,278,000 after buying an additional 1,465,004 shares during the period. State Street Corp boosted its position in Ionis Pharmaceuticals by 39.8% in the second quarter. State Street Corp now owns 4,246,911 shares of the company’s stock valued at $98,915,000 after buying an additional 1,209,523 shares during the period. Fiera Capital Corp acquired a new position in Ionis Pharmaceuticals during the second quarter valued at $22,326,000. BVF Inc. IL acquired a new position in Ionis Pharmaceuticals during the second quarter valued at $19,797,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in Ionis Pharmaceuticals during the second quarter valued at $19,719,000. Institutional investors and hedge funds own 89.58% of the company’s stock.
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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