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

IONS has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, May 6th. Cowen and Company reiterated a “buy” rating on shares of Ionis Pharmaceuticals in a research report on Wednesday, August 3rd. Barclays PLC cut their target price on Ionis Pharmaceuticals from $42.00 to $26.00 and set an “equal weight” rating for the company in a research report on Friday, May 27th. Jefferies Group reiterated an “underperform” rating and set a $12.00 target price on shares of Ionis Pharmaceuticals in a research report on Friday, July 15th. Finally, Leerink Swann reiterated a “market perform” rating and set a $36.00 target price (up from $26.00) on shares of Ionis Pharmaceuticals in a research report on Tuesday, August 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $41.82.

The stock has a 50-day moving average price of $28.85 and a 200 day moving average price of $33.53. The stock’s market capitalization is $4.24 billion.

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

In other news, Director Frederick T. Muto sold 12,500 shares of the firm’s stock in a transaction on Tuesday, May 31st. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Several institutional investors recently bought and sold shares of the company. Bank of Montreal Can bought a new position in Ionis Pharmaceuticals during the fourth quarter worth approximately $1,060,000. Utah Retirement Systems bought a new position in Ionis Pharmaceuticals during the fourth quarter worth approximately $1,325,000. Cornerstone Capital Management Holdings LLC. bought a new position in Ionis Pharmaceuticals during the fourth quarter worth approximately $1,634,000. Employees Retirement System of Texas bought a new position in Ionis Pharmaceuticals during the fourth quarter worth approximately $1,734,000. Finally, Dimensional Fund Advisors LP bought a new position in Ionis Pharmaceuticals during the fourth quarter worth 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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