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

IONS has been the topic of several recent analyst reports. Piper Jaffray Cos. restated a “buy” rating and issued a $60.00 target price on shares of Ionis Pharmaceuticals in a research note on Thursday, May 5th. Cowen and Company restated a “buy” rating on shares of Ionis Pharmaceuticals in a research note on Wednesday, May 4th. Needham & Company LLC restated a “buy” rating and issued a $55.00 target price (down previously from $88.00) on shares of Ionis Pharmaceuticals in a research note on Thursday, May 26th. Wells Fargo & Co. restated a “buy” rating on shares of Ionis Pharmaceuticals in a research note on Thursday, May 19th. Finally, Zacks Investment Research upgraded shares of Ionis Pharmaceuticals from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Wednesday, April 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $41.82.

The stock’s market capitalization is $4.04 billion. The firm has a 50 day moving average of $30.56 and a 200 day moving average of $33.28.

Ionis Pharmaceuticals (NASDAQ:IONS) last posted its quarterly earnings data on Tuesday, August 9th. The company reported ($0.47) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.05. The firm had revenue of $38.50 million for the quarter, compared to the consensus estimate of $38.52 million. The company’s revenue for the quarter was down 68.0% on a year-over-year basis. Equities analysts anticipate that Ionis Pharmaceuticals Inc. will post ($1.12) earnings per share for the current fiscal year.

In other Ionis Pharmaceuticals news, Director Frederick T. Muto sold 12,500 shares of the stock in a transaction 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 approximately $335,609.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

A number of hedge funds and institutional investors have recently bought and sold shares of IONS. BlackRock Advisors LLC purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $76,845,000. State of New Jersey Common Pension Fund D purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $6,193,000. Dimensional Fund Advisors LP purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $6,020,000. Employees Retirement System of Texas purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $1,734,000. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in Ionis Pharmaceuticals during the fourth quarter valued at $1,634,000.

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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