Ionis Pharmaceuticals Inc. (NASDAQ:IONS)’s share price dropped 2.1% on Friday . The company traded as low as $35.26 and last traded at $35.85, with a volume of 1,836,503 shares. The stock had previously closed at $36.63.

IONS has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price target (down previously from $88.00) on shares of Ionis Pharmaceuticals in a report on Thursday, May 26th. Zacks Investment Research cut Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, May 6th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Ionis Pharmaceuticals in a report on Thursday, May 19th. JPMorgan Chase & Co. reduced their price target on Ionis Pharmaceuticals from $53.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, May 27th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $26.00 price target on shares of Ionis Pharmaceuticals in a report on Tuesday, June 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Ionis Pharmaceuticals has an average rating of “Hold” and an average target price of $40.82.

The company’s market capitalization is $4.36 billion. The stock’s 50 day moving average price is $26.99 and its 200-day moving average price is $33.81.

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 owns 15,043 shares in the company, valued at $335,609.33. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

A number of large investors have recently made changes to their positions in the stock. BlackRock Advisors LLC purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $76,845,000. Mizuho Trust & Banking Co. Ltd. purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $10,501,000. Capital Counsel LLC NY purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $1,115,000. Morgan Stanley purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $11,017,000. Finally, Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $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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