Ionis Pharmaceuticals, Inc. $IONS Stock: Sumitomo Mitsui Trust Group Inc. Grows Position

Sumitomo Mitsui Trust Group Inc. boosted its stake in Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) by 54.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,003 shares of the company’s stock after purchasing an additional 26,167 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Ionis Pharmaceuticals were worth $3,304,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC acquired a new position in shares of Ionis Pharmaceuticals during the third quarter worth about $27,000. Cassaday & Co Wealth Management LLC acquired a new position in Ionis Pharmaceuticals during the 1st quarter worth approximately $30,000. Root Financial Partners LLC purchased a new position in Ionis Pharmaceuticals in the 3rd quarter worth approximately $30,000. Fortitude Family Office LLC boosted its holdings in Ionis Pharmaceuticals by 4,411.8% in the 3rd quarter. Fortitude Family Office LLC now owns 767 shares of the company’s stock worth $34,000 after acquiring an additional 750 shares during the period. Finally, Allworth Financial LP purchased a new position in Ionis Pharmaceuticals in the 2nd quarter worth approximately $41,000. 93.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IONS. Guggenheim lowered their price objective on shares of Ionis Pharmaceuticals from $89.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, September 15th. Oppenheimer reissued an “outperform” rating and set a $85.00 target price on shares of Ionis Pharmaceuticals in a research report on Thursday, September 24th. Raymond James Financial set a $79.00 target price on shares of Ionis Pharmaceuticals in a research note on Tuesday, October 20th. The Goldman Sachs Group lowered their price target on shares of Ionis Pharmaceuticals from $69.00 to $56.00 and set a “neutral” rating for the company in a report on Tuesday, September 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Ionis Pharmaceuticals from $76.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 22nd. Nineteen 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.48.

Ionis Pharmaceuticals Stock Up 1.6%

NASDAQ IONS traded up $0.62 during mid-day trading on Friday, reaching $39.42. 2,911,559 shares of the company’s stock traded hands, compared to its average volume of 2,678,118. Ionis Pharmaceuticals, Inc. has a 1-year low of $38.31 and a 1-year high of $86.74. The company has a fifty day simple moving average of $46.80 and a 200-day simple moving average of $65.88. The company has a current ratio of 7.89, a quick ratio of 7.73 and a debt-to-equity ratio of 3.07. The company has a market cap of $6.55 billion, a price-to-earnings ratio of -11.39 and a beta of 0.43.

Insider Activity

In other news, EVP Shannon Devers sold 1,357 shares of the stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $43.54, for a total transaction of $59,083.78. Following the completion of the transaction, the executive vice president directly owned 17,811 shares in the company, valued at approximately $775,490.94. This represents a 7.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.81% of the stock is currently owned by insiders.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is a biotechnology company focused on discovering and developing medicines using antisense technology. Its platform is designed to selectively target RNA and regulate the production of disease-related proteins. The company develops therapies for neurological, cardiovascular and metabolic, and rare diseases.

Ionis has developed and commercialized medicines both independently and through collaborations with larger pharmaceutical companies. Its marketed or partnered products include Spinraza (nusinersen) for spinal muscular atrophy, Tegsedi (inotersen) and Wainua (eplontersen) for hereditary transthyretin amyloidosis, and Tryngolza (olezarsen) for familial chylomicronemia syndrome.