Ionis Pharmaceuticals (NASDAQ:IONS) Sees Strong Trading Volume – Still a Buy?

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) saw unusually-high trading volume on Wednesday . 1,453,317 shares changed hands during mid-day trading, a decline of 38% from the previous session’s volume of 2,348,545 shares.The stock last traded at $51.9190 and had previously closed at $53.39.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Morgan Stanley cut their price target on Ionis Pharmaceuticals from $130.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, July 10th. Canaccord Genuity Group decreased their price objective on Ionis Pharmaceuticals from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Wall Street Zen raised Ionis Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Royal Bank Of Canada cut their target price on shares of Ionis Pharmaceuticals from $100.00 to $85.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th. Finally, Needham & Company LLC reduced their target price on shares of Ionis Pharmaceuticals from $105.00 to $86.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Eighteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Ionis Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $95.90.

Ionis Pharmaceuticals Stock Up 3.4%

The company has a quick ratio of 4.09, a current ratio of 4.10 and a debt-to-equity ratio of 2.75. The stock has a market cap of $9.23 billion, a PE ratio of -26.99 and a beta of 0.36. The firm has a fifty day moving average of $71.96 and a 200 day moving average of $75.65.

Ionis Pharmaceuticals (NASDAQ:IONS) last announced its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.85) by $0.29. The company had revenue of $246.09 million during the quarter, compared to the consensus estimate of $195.56 million. Ionis Pharmaceuticals had a negative return on equity of 58.65% and a negative net margin of 30.91%.Ionis Pharmaceuticals’s revenue for the quarter was up 86.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.93) EPS. On average, equities research analysts anticipate that Ionis Pharmaceuticals, Inc. will post -3.76 EPS for the current fiscal year.

Insider Buying and Selling at Ionis Pharmaceuticals

In other Ionis Pharmaceuticals news, EVP Eugene Schneider sold 26,000 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $81.05, for a total transaction of $2,107,300.00. Following the sale, the executive vice president owned 77,114 shares of the company’s stock, valued at approximately $6,250,089.70. This trade represents a 25.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Allene M. Diaz sold 10,111 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $85.42, for a total transaction of $863,681.62. Following the sale, the director owned 3,811 shares of the company’s stock, valued at $325,535.62. This represents a 72.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 233,163 shares of company stock worth $18,316,551. 1.81% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth about $27,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ionis Pharmaceuticals during the first quarter worth about $30,000. Quarry LP purchased a new stake in shares of Ionis Pharmaceuticals in the 3rd quarter valued at about $38,000. Johnson Financial Group Inc. purchased a new stake in shares of Ionis Pharmaceuticals in the 3rd quarter valued at about $44,000. Finally, Laurel Wealth Advisors LLC acquired a new stake in shares of Ionis Pharmaceuticals in the 4th quarter valued at about $47,000. 93.86% of the stock is owned by hedge funds and other institutional investors.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is a biotechnology company focused on the discovery and development of RNA-targeted therapies designed to modulate gene expression. The company’s proprietary antisense oligonucleotide (ASO) technology enables the selective binding of short synthetic strands of nucleic acids to messenger RNA (mRNA), thereby inhibiting or altering the production of disease-causing proteins. Ionis’ pipeline spans a range of therapeutic areas, including neurological disorders, cardiovascular conditions, metabolic diseases and rare genetic disorders.

Since its founding in 1989 by Dr.