Ionis Pharmaceuticals Inc. (NASDAQ:IONS) shot up 3.4% during trading on Thursday . The stock traded as high as $28.73 and last traded at $28.20, with a volume of 928,848 shares trading hands. The stock had previously closed at $27.28.

Several brokerages recently commented on IONS. Piper Jaffray Cos. restated a “buy” rating on shares of Ionis Pharmaceuticals in a research report on Thursday, April 7th. BMO Capital Markets began coverage on Ionis Pharmaceuticals in a research report on Thursday, April 7th. They set an “outperform” rating and a $55.00 target price on the stock. Zacks Investment Research upgraded Ionis Pharmaceuticals from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, April 27th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Ionis Pharmaceuticals in a report on Monday, May 2nd. Finally, Leerink Swann reiterated a “hold” rating on shares of Ionis Pharmaceuticals in a report on Saturday, April 9th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $36.90.

The company’s 50 day moving average price is $23.70 and its 200 day moving average price is $35.33. The firm’s market capitalization is $3.35 billion.

Ionis Pharmaceuticals (NASDAQ:IONS) last announced its quarterly earnings results on Wednesday, May 4th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.50) by $0.02. During the same quarter in the previous year, the company posted ($0.14) EPS. The company earned $36.90 million during the quarter, compared to the consensus estimate of $36.21 million. Ionis Pharmaceuticals’s revenue for the quarter was down 41.1% compared to the same quarter last year. On average, analysts anticipate that Ionis Pharmaceuticals Inc. will post ($1.49) EPS for the current fiscal year.

In related news, Director Frederick T. Muto sold 12,500 shares of the business’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $22.31, for a total transaction of $278,875.00. Following the transaction, the director now owns 15,043 shares in the company, valued at approximately $335,609.33. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

A number of hedge funds have recently bought and sold shares of the stock. Cornerstone Capital Management Holdings LLC. purchased a new stake in Ionis Pharmaceuticals during the fourth quarter valued at $1,634,000. Starfire Investment Advisers Inc. purchased a new stake in Ionis Pharmaceuticals during the fourth quarter valued at $1,025,000. Morgan Stanley purchased a new stake in Ionis Pharmaceuticals during the fourth quarter valued at $11,017,000. Pinnacle Associates Ltd. purchased a new stake in Ionis Pharmaceuticals during the fourth quarter valued at $104,678,000. Finally, Mizuho Trust & Banking Co. Ltd. purchased a new stake in Ionis Pharmaceuticals during the fourth quarter valued at $10,501,000.

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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