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

IONS has been the subject of several research reports. Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $60.00 target price on shares of Ionis Pharmaceuticals in a research note on Thursday, May 5th. Cowen and Company reaffirmed a “buy” rating on shares of Ionis Pharmaceuticals in a research note on Wednesday, May 4th. Zacks Investment Research raised Ionis Pharmaceuticals from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research note on Wednesday, April 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 target price (down previously from $88.00) on shares of Ionis Pharmaceuticals in a research note on Thursday, May 26th. Finally, Wells Fargo & Co. reaffirmed a “buy” rating on shares of Ionis Pharmaceuticals in a research note on Thursday, May 19th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $36.90.

The firm’s market capitalization is $3.36 billion. The company’s 50-day moving average price is $23.97 and its 200 day moving average price is $35.03.

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 consensus estimate of ($0.50) by $0.02. The company earned $36.90 million during the quarter, compared to the consensus estimate of $36.21 million. The company’s revenue for the quarter was down 41.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.14) earnings per share. Analysts expect that Ionis Pharmaceuticals Inc. will post ($1.49) EPS for the current year.

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

A number of institutional investors have recently added to or reduced their stakes in IONS. Starfire Investment Advisers Inc. purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $1,025,000. Neuberger Berman Group LLC purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $1,039,000. Bank of Montreal Can purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $1,060,000. TD Asset Management Inc. purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $1,146,000. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $1,634,000.

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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