Ionis Pharmaceuticals Inc. (NASDAQ:IONS) dropped 2.6% during mid-day trading on Friday . The stock traded as low as $34.77 and last traded at $34.97, with a volume of 1,304,996 shares. The stock had previously closed at $35.90.

IONS has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Ionis Pharmaceuticals in a report on Thursday, July 14th. Zacks Investment Research upgraded Ionis Pharmaceuticals from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Wednesday, April 27th. Piper Jaffray Cos. lifted their price objective on Ionis Pharmaceuticals from $36.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday. BMO Capital Markets reiterated a “market perform” rating and issued a $26.00 price objective on shares of Ionis Pharmaceuticals in a report on Friday, July 8th. Finally, Cowen and Company reiterated a “hold” rating on shares of Ionis Pharmaceuticals in a report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Ionis Pharmaceuticals has an average rating of “Hold” and an average target price of $41.82.

The company’s 50 day moving average is $28.52 and its 200-day moving average is $33.61. The stock’s market cap is $4.23 billion.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.05. The company earned $38.50 million during the quarter, compared to analysts’ expectations of $38.52 million. The firm’s revenue was down 68.0% compared to the same quarter last year. On average, equities research analysts forecast that Ionis Pharmaceuticals Inc. will post ($1.15) earnings per share for the current year.

In other Ionis Pharmaceuticals news, Director Frederick T. Muto sold 12,500 shares of the 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 transaction, the director now directly owns 15,043 shares of the company’s stock, valued at $335,609.33. The sale was disclosed in a filing with the SEC, which is available at this link.

Other hedge funds and institutional investors recently modified their holdings of the company. Capital Counsel LLC NY bought a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth about $1,115,000. BlackRock Advisors LLC acquired a new stake in Ionis Pharmaceuticals during the fourth quarter valued at approximately $76,845,000. Utah Retirement Systems acquired a new stake in Ionis Pharmaceuticals during the fourth quarter valued at approximately $1,325,000. Employees Retirement System of Texas acquired a new stake in Ionis Pharmaceuticals during the fourth quarter valued at approximately $1,734,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Ionis Pharmaceuticals during the fourth quarter valued at approximately $6,020,000.

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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