Ionis Pharmaceuticals (NASDAQ:IONS) Shares Climb 5.3% – What’s Next?

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) shares traded up 5.3% on Friday. The stock traded as high as $28.72 and last traded at $28.7670. Approximately 2,926,975 shares were traded during trading, an increase of 4% from the average session volume of 2,816,803 shares. The stock had previously closed at $27.31.

Recent Ionis Pharmaceuticals Headlines

Investors following IONS have been watching these headlines:

• Positive Sentiment: Ionis reported two-year DAWNZERA data at the ACAAI meeting, saying the results support durable efficacy and disease control for hereditary angioedema. Article: Ionis presents long-term DAWNZERA data
• Negative Sentiment: Several firms, including Morgan Stanley, Needham, HC Wainwright, Oppenheimer, and Goldman Sachs, lowered price targets or expectations. Reports also noted an analyst downgrade, adding to pressure on sentiment. Article: HC Wainwright target cut Article: Needham target cut
• Negative Sentiment: Artisan Partners’ small-cap growth strategy reportedly exited Ionis after sequential Phase 3 clinical setbacks, a signal of reduced confidence from that investment manager. Article: Artisan strategy exit

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Morgan Stanley dropped their target price on Ionis Pharmaceuticals from $104.00 to $75.00 and set an “overweight” rating on the stock in a report on Tuesday. Royal Bank Of Canada decreased their price target on Ionis Pharmaceuticals from $85.00 to $60.00 and set an “outperform” rating for the company in a report on Tuesday. Needham & Company LLC lowered their price objective on shares of Ionis Pharmaceuticals from $86.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday. Guggenheim dropped their price objective on shares of Ionis Pharmaceuticals from $89.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. Finally, BMO Capital Markets raised shares of Ionis Pharmaceuticals from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $54.00 to $66.00 in a report on Thursday, October 22nd. Nineteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ionis Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $78.00.

Ionis Pharmaceuticals Trading Up 6.3%

The stock has a market cap of $4.83 billion, a PE ratio of -8.71 and a beta of 0.43. The business has a 50-day moving average of $44.23 and a 200 day moving average of $64.84. The company has a debt-to-equity ratio of 3.42, a quick ratio of 7.73 and a current ratio of 5.43.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its quarterly earnings results on Monday, November 9th. The company reported ($0.66) earnings per share for the quarter, beating the consensus estimate of ($1.23) by $0.57. The company had revenue of $242.72 million during the quarter, compared to the consensus estimate of $178.17 million. Ionis Pharmaceuticals had a negative return on equity of 120.62% and a negative net margin of 56.98%. Ionis Pharmaceuticals’s revenue was up 54.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.80) EPS. Equities research analysts predict that Ionis Pharmaceuticals, Inc. will post -3.62 EPS for the current fiscal year.

Insider Activity

In other news, EVP Shannon Devers sold 1,357 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $43.54, for a total transaction of $59,083.78. Following the sale, the executive vice president owned 17,811 shares in the company, valued at $775,490.94. This trade represents a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.81% of the company’s stock.

Institutional Trading of Ionis Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pictet Asset Management Holding SA raised its position in shares of Ionis Pharmaceuticals by 21.7% during the 3rd quarter. Pictet Asset Management Holding SA now owns 1,944,020 shares of the company’s stock worth $87,249,000 after purchasing an additional 347,022 shares during the period. Alyeska Investment Group L.P. boosted its position in Ionis Pharmaceuticals by 199.7% during the 2nd quarter. Alyeska Investment Group L.P. now owns 1,417,916 shares of the company’s stock valued at $112,427,000 after purchasing an additional 944,766 shares during the period. GW&K Investment Management LLC grew its stake in Ionis Pharmaceuticals by 79.6% during the 3rd quarter. GW&K Investment Management LLC now owns 1,341,315 shares of the company’s stock worth $59,890,000 after buying an additional 594,349 shares during the last quarter. Groupama Asset Managment grew its stake in Ionis Pharmaceuticals by 7.5% during the 1st quarter. Groupama Asset Managment now owns 824,540 shares of the company’s stock worth $61,915,000 after buying an additional 57,651 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in Ionis Pharmaceuticals during the 2nd quarter worth $62,718,000. 93.86% of the stock is owned by institutional investors.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals is a biotechnology company that discovers and develops RNA-targeted medicines, with a focus on antisense oligonucleotides. Its medicines are designed to act on RNA and change the production of proteins linked to disease. The company’s research and development programs span neurological, cardiovascular, metabolic and rare diseases. Ionis has developed medicines that it commercializes itself and products advanced or marketed with pharmaceutical partners. Its medicines and partnered products include treatments for conditions such as spinal muscular atrophy and transthyretin amyloidosis.