Ionis Pharmaceuticals Inc. (NASDAQ:IONS)’s share price rose 8.8% during trading on Friday . The company traded as high as $27.14 and last traded at $26.68, with a volume of 2,679,046 shares. The stock had previously closed at $24.52.

IONS has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective (down from $88.00) on shares of Ionis Pharmaceuticals in a research note on Thursday, May 26th. Zacks Investment Research lowered Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. Wells Fargo & Co. reiterated a “buy” rating on shares of Ionis Pharmaceuticals in a research note on Thursday, May 19th. JPMorgan Chase & Co. dropped their price objective on Ionis Pharmaceuticals from $53.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, May 27th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $26.00 price objective on shares of Ionis Pharmaceuticals in a research note on Tuesday, June 7th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Ionis Pharmaceuticals has a consensus rating of “Hold” and an average target price of $38.20.

The company’s market cap is $3.29 billion. The firm’s 50 day moving average is $23.31 and its 200-day moving average is $36.07.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its earnings results on Wednesday, May 4th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by $0.02. During the same period in the prior year, the business earned ($0.14) EPS. The company had revenue of $36.90 million for the quarter, compared to analyst estimates of $36.21 million. The business’s revenue was down 41.1% compared to the same quarter last year. Equities research analysts predict that Ionis Pharmaceuticals Inc. will post ($1.49) earnings per share for the current year.

In related news, Director Frederick T. Muto sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $22.31, for a total value of $278,875.00. Following the completion of the sale, the director now directly owns 15,043 shares in the company, valued at approximately $335,609.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Other large investors have recently modified their holdings of the company. Baillie Gifford & Co. purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at about $500,302,000. BB Biotech AG purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at about $404,393,000. Pinnacle Associates Ltd. purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at about $104,678,000. New York State Common Retirement Fund purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at about $25,085,000. Finally, California Public Employees Retirement System purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at about $16,963,000.

Ionis Pharmaceuticals, Inc, formerly Isis Pharmaceuticals, Inc, is a ribonucleic acid-targeted (RNA-targeted) drug discovery and development company. The Company is focused on discovering and developing antisense drugs. Its antisense drugs are used to treat a range of diseases, including cardiovascular; metabolic; severe and rare diseases, including neurological disorders, and cancer.

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