Shares of Ionis Pharmaceuticals Inc. (NASDAQ:IONS) traded down 3.6% during mid-day trading on Friday . The company traded as low as $33.17 and last traded at $33.22, with a volume of 708,748 shares. The stock had previously closed at $34.47.

A number of analysts have issued reports on the company. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Ionis Pharmaceuticals in a research note on Sunday, May 29th. Jefferies Group reaffirmed a “sell” rating on shares of Ionis Pharmaceuticals in a research note on Sunday, May 29th. Wells Fargo & Co. reaffirmed an “outperform” rating on shares of Ionis Pharmaceuticals in a research note on Friday. BMO Capital Markets downgraded Ionis Pharmaceuticals from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $55.00 to $26.00 in a research note on Friday, May 27th. Finally, Zacks Investment Research raised Ionis Pharmaceuticals from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, April 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Ionis Pharmaceuticals has an average rating of “Hold” and an average price target of $41.82.

The firm has a 50 day moving average of $30.27 and a 200 day moving average of $33.32. The stock’s market capitalization is $4.04 billion.

Ionis Pharmaceuticals (NASDAQ:IONS) last released its earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.05. The firm earned $38.50 million during the quarter, compared to analysts’ expectations of $38.52 million. The business’s revenue was down 68.0% compared to the same quarter last year. On average, equities analysts predict that Ionis Pharmaceuticals Inc. will post ($1.12) earnings per share for the current fiscal 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 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 SEC, which is accessible through this link.

A number of institutional investors recently made changes to their positions in IONS. BlackRock Advisors LLC bought a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $76,845,000. Utah Retirement Systems bought a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $1,325,000. Employees Retirement System of Texas bought a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $1,734,000. Dimensional Fund Advisors LP bought a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $6,020,000. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $6,193,000.

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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