Zacks Investment Research upgraded shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) from a hold rating to a strong-buy rating in a report released on Friday, October 27th. They currently have $62.00 price objective on the stock.
According to Zacks, “Ionis Pharmaceuticals, Inc. is a RNA-targeted drug discovery and development company which focuses on developing drugs for severe and rare diseases. Ionis Pharmaceuticals, Inc., formerly known as Isis Pharmaceuticals, Inc., is headquartered in Carlsbad, California. “
Several other research analysts have also recently weighed in on IONS. Needham & Company LLC restated a buy rating and issued a $64.00 price target on shares of Ionis Pharmaceuticals in a research note on Tuesday, October 17th. Jefferies Group LLC restated an underperform rating and issued a $18.00 price target (up previously from $17.00) on shares of Ionis Pharmaceuticals in a research note on Thursday, August 10th. Laidlaw restated a buy rating and issued a $65.00 price target on shares of Ionis Pharmaceuticals in a research note on Monday, August 14th. Sanford C. Bernstein assumed coverage on Ionis Pharmaceuticals in a research note on Thursday, July 27th. They issued a market perform rating and a $57.00 price target for the company. Finally, BMO Capital Markets upped their price objective on Ionis Pharmaceuticals from $67.00 to $69.00 and gave the company an outperform rating in a research report on Monday, August 14th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $50.31.
Shares of Ionis Pharmaceuticals (NASDAQ:IONS) traded up $0.76 during trading hours on Friday, reaching $55.88. The company’s stock had a trading volume of 699,400 shares, compared to its average volume of 1,512,485. Ionis Pharmaceuticals has a 1-year low of $37.26 and a 1-year high of $65.51. The company has a quick ratio of 6.21, a current ratio of 6.25 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $6,973.57, a PE ratio of 372.53 and a beta of 2.90.
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In related news, SVP Patrick R. O’neil sold 1,000 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $55.00, for a total transaction of $55,000.00. Following the completion of the transaction, the senior vice president now directly owns 10,633 shares of the company’s stock, valued at $584,815. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Stanley T. Crooke sold 27,500 shares of the stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $52.89, for a total value of $1,454,475.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 98,636 shares of company stock valued at $5,723,915. Corporate insiders own 2.13% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Parallel Advisors LLC raised its position in Ionis Pharmaceuticals by 62.8% during the second quarter. Parallel Advisors LLC now owns 2,073 shares of the company’s stock valued at $109,000 after purchasing an additional 800 shares during the period. Aviva PLC purchased a new stake in Ionis Pharmaceuticals during the second quarter valued at approximately $10,187,000. Credit Suisse AG raised its position in Ionis Pharmaceuticals by 79.2% during the first quarter. Credit Suisse AG now owns 385,145 shares of the company’s stock valued at $15,483,000 after purchasing an additional 170,192 shares during the period. Allen Investment Management LLC raised its position in Ionis Pharmaceuticals by 64.7% during the second quarter. Allen Investment Management LLC now owns 15,652 shares of the company’s stock valued at $796,000 after purchasing an additional 6,147 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Ionis Pharmaceuticals by 21.4% during the second quarter. Russell Investments Group Ltd. now owns 20,077 shares of the company’s stock valued at $1,021,000 after purchasing an additional 3,538 shares during the period. Institutional investors and hedge funds own 88.98% 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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