Ionis Pharmaceuticals Inc. (NASDAQ:IONS) shares shot up 1.1% during trading on Wednesday . The company traded as high as $34.81 and last traded at $34.33, with a volume of 1,031,366 shares. The stock had previously closed at $33.96.

A number of research firms recently commented on IONS. Cowen and Company reissued a “market perform” rating on shares of Ionis Pharmaceuticals in a report on Saturday. Zacks Investment Research cut Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Leerink Swann reissued a “hold” rating and issued a $36.00 price target on shares of Ionis Pharmaceuticals in a report on Thursday, August 11th. Piper Jaffray Cos. boosted their price target on Ionis Pharmaceuticals from $36.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, August 10th. Finally, Barclays PLC boosted their price target on Ionis Pharmaceuticals from $26.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 2nd. Two analysts have rated the stock with a sell rating, eight have issued 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 an average rating of “Hold” and an average target price of $41.82.

The company’s market cap is $4.15 billion. The firm’s 50-day moving average is $29.95 and its 200-day moving average is $33.31.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.05. The business had revenue of $38.50 million for the quarter, compared to analysts’ expectations of $38.52 million. The company’s quarterly revenue was down 68.0% compared to the same quarter last year. On average, analysts forecast that Ionis Pharmaceuticals Inc. will post ($1.12) 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 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 transaction, the director now owns 15,043 shares in the company, valued at $335,609.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

A number of institutional investors have modified their holdings of IONS. Bank of Montreal Can acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth about $1,060,000. Utah Retirement Systems acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth about $1,325,000. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth about $1,634,000. Employees Retirement System of Texas acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth about $1,734,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth about $6,020,000.

Ionis Pharmaceuticals, Inc, formerly Isis Pharmaceuticals, Inc, is engaged in discovering and developing ribonucleic acid-targeted (RNA-targeted) therapeutics. The Company operates through two segments: Ionis Core and Akcea Therapeutics. The Company’s Ionis Core segment is developing a drug discovery platform.

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