Sanford C. Bernstein Initiates Coverage on Ionis Pharmaceuticals, Inc. (IONS)
Sanford C. Bernstein initiated coverage on shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) in a research note published on Thursday morning, Marketbeat reports. The brokerage issued a market perform rating and a $57.00 price objective on the stock.
A number of other research firms have also issued reports on IONS. BMO Capital Markets restated an outperform rating and set a $62.00 price target (up previously from $59.56) on shares of Ionis Pharmaceuticals in a report on Tuesday, July 25th. Needham & Company LLC reiterated a buy rating and issued a $64.00 price objective on shares of Ionis Pharmaceuticals in a research note on Wednesday, July 26th. Stifel Nicolaus reiterated a hold rating and issued a $42.00 price objective on shares of Ionis Pharmaceuticals in a research note on Monday, July 10th. TheStreet upgraded shares of Ionis Pharmaceuticals from a d+ rating to a c- rating in a research note on Wednesday, July 5th. Finally, Zacks Investment Research upgraded shares of Ionis Pharmaceuticals from a hold rating to a buy rating and set a $58.00 price objective on the stock in a research note on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $45.38.
Shares of Ionis Pharmaceuticals (NASDAQ IONS) traded up 0.51% during mid-day trading on Thursday, reaching $53.04. 523,932 shares of the company were exchanged. The company’s 50 day moving average price is $52.96 and its 200 day moving average price is $46.75. The firm’s market capitalization is $6.58 billion. Ionis Pharmaceuticals has a 12 month low of $24.58 and a 12 month high of $60.01.
Ionis Pharmaceuticals (NASDAQ:IONS) last released its earnings results on Tuesday, May 9th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.13. Ionis Pharmaceuticals had a negative net margin of 4.80% and a negative return on equity of 14.61%. The business had revenue of $110.30 million for the quarter, compared to the consensus estimate of $86.03 million. During the same period in the previous year, the firm earned ($0.52) EPS. The business’s revenue for the quarter was up 199.2% on a year-over-year basis. Equities analysts anticipate that Ionis Pharmaceuticals will post ($0.15) earnings per share for the current year.
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In related news, Chairman Stanley T. Crooke sold 16,500 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $52.45, for a total transaction of $865,425.00. Following the transaction, the chairman now owns 53,014 shares of the company’s stock, valued at approximately $2,780,584.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP C Frank Bennett sold 10,000 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $59.29, for a total transaction of $592,900.00. Following the transaction, the senior vice president now directly owns 25,041 shares in the company, valued at approximately $1,484,680.89. The disclosure for this sale can be found here. Insiders have sold a total of 54,379 shares of company stock worth $2,946,052 in the last three months. 1.86% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Hanseatic Management Services Inc. bought a new stake in shares of Ionis Pharmaceuticals during the first quarter valued at approximately $138,000. Westpac Banking Corp acquired a new stake in Ionis Pharmaceuticals during the first quarter worth about $171,000. Cheyne Capital Management UK LLP acquired a new stake in Ionis Pharmaceuticals during the second quarter worth about $249,000. Capstone Asset Management Co. increased its stake in Ionis Pharmaceuticals by 10.3% in the first quarter. Capstone Asset Management Co. now owns 5,148 shares of the company’s stock worth $207,000 after buying an additional 480 shares during the period. Finally, World Asset Management Inc increased its stake in Ionis Pharmaceuticals by 27.3% in the first quarter. World Asset Management Inc now owns 5,427 shares of the company’s stock worth $218,000 after buying an additional 1,163 shares during the period. Hedge funds and other institutional investors own 88.82% of the company’s stock.
Ionis Pharmaceuticals Company Profile
Ionis Pharmaceuticals, Inc is engaged in discovering and developing ribonucleic acid (RNA)-targeted therapeutics. The Company, using its drug discovery platform, has developed a pipeline of drugs for patients with unmet medical needs. The Company’s segments include Ionis Core and Akcea Therapeutics. In the Ionis Core segment, the Company is engaged in exploiting a drug discovery platform to generate a pipeline of drugs for the Company and its partners.
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