Ionis Pharmaceuticals (NASDAQ:IONS) Sets New 1-Year Low – What’s Next?

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) shares hit a new 52-week low on Monday . The company traded as low as $44.20 and last traded at $44.8020, with a volume of 225422 shares changing hands. The stock had previously closed at $44.44.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IONS. The Goldman Sachs Group reduced their price target on Ionis Pharmaceuticals from $69.00 to $56.00 and set a “neutral” rating for the company in a report on Tuesday, September 8th. Raymond James Financial reissued an “outperform” rating and set a $84.00 price objective on shares of Ionis Pharmaceuticals in a report on Tuesday, September 8th. Guggenheim reduced their price target 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. Citigroup decreased their target price on Ionis Pharmaceuticals from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Finally, Barclays cut their price target on Ionis Pharmaceuticals from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. Seventeen equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $90.80.

Ionis Pharmaceuticals Stock Up 0.5%

The stock has a market cap of $7.42 billion, a price-to-earnings ratio of -12.91 and a beta of 0.42. 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 firm’s 50 day moving average is $55.97 and its two-hundred day moving average is $68.31.

Insiders Place Their Bets

In other Ionis Pharmaceuticals news, EVP Eugene Schneider sold 26,000 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $81.05, for a total transaction of $2,107,300.00. Following the transaction, the executive vice president owned 77,114 shares of the company’s stock, valued at $6,250,089.70. This represents a 25.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael R. Hayden acquired 15,000 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were acquired at an average price of $53.38 per share, for a total transaction of $800,700.00. Following the acquisition, the director directly owned 19,000 shares of the company’s stock, valued at approximately $1,014,220. The trade was a 375.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 156,317 shares of company stock valued at $12,656,566. 1.81% of the stock is currently owned by insiders.

Institutional Trading of Ionis Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the business. Capital World Investors grew its holdings in Ionis Pharmaceuticals by 41.2% in the 4th quarter. Capital World Investors now owns 17,961,299 shares of the company’s stock valued at $1,420,918,000 after buying an additional 5,238,571 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Ionis Pharmaceuticals by 19,941.6% during the 4th quarter. Franklin Resources Inc. now owns 1,321,345 shares of the company’s stock worth $104,532,000 after acquiring an additional 1,314,752 shares during the period. Baker BROS. Advisors LP boosted its position in shares of Ionis Pharmaceuticals by 216.1% in the fourth quarter. Baker BROS. Advisors LP now owns 1,791,841 shares of the company’s stock worth $141,753,000 after acquiring an additional 1,225,043 shares during the last quarter. Alyeska Investment Group L.P. grew its holdings in Ionis Pharmaceuticals by 199.7% in the second 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. Finally, Bank of America Corp DE acquired a new position in Ionis Pharmaceuticals during the second quarter worth approximately $62,718,000. 93.86% of the stock is owned by institutional investors and hedge funds.

Ionis Pharmaceuticals Company Profile

Ionis Pharmaceuticals, Inc is a biotechnology company that discovers and develops medicines using antisense technology, which is designed to target RNA and influence the production of disease-related proteins. The company focuses on neurological, cardiovascular, metabolic and other serious diseases for which there remains a significant unmet medical need.

Ionis has developed several approved therapies, including SPINRAZA (nusinersen) for spinal muscular atrophy, QALSODY (tofersen) for a form of amyotrophic lateral sclerosis, TEGSEDI (inotersen) for hereditary transthyretin-mediated amyloidosis and WAYLIVRA (volanesorsen) for familial chylomicronemia syndrome in certain markets.