Ionis Pharmaceuticals Inc. (NASDAQ:IONS)’s share price dropped 2.9% during mid-day trading on Thursday . The stock traded as low as $30.60 and last traded at $30.72, with a volume of 1,284,513 shares trading hands. The stock had previously closed at $31.64.

IONS has been the subject of several research analyst reports. Wells Fargo & Co. restated an “outperform” rating on shares of Ionis Pharmaceuticals in a research note on Friday, August 19th. Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective (down previously from $88.00) on shares of Ionis Pharmaceuticals in a research note on Thursday, May 26th. Zacks Investment Research downgraded shares of Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. JPMorgan Chase & Co. decreased their price objective on shares of Ionis Pharmaceuticals from $53.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, May 27th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $26.00 price objective on shares of Ionis Pharmaceuticals in a research note on Tuesday, June 7th. 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 company’s stock. The stock currently has an average rating of “Hold” and an average price target of $41.82.

The company’s 50 day moving average price is $31.26 and its 200 day moving average price is $33.19. The stock’s market capitalization is $3.67 billion.

Ionis Pharmaceuticals (NASDAQ:IONS) last posted its earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.05. The firm had revenue of $38.50 million for the quarter, compared to analyst estimates of $38.52 million. Ionis Pharmaceuticals’s revenue for the quarter was down 68.0% on a year-over-year basis. Analysts forecast that Ionis Pharmaceuticals Inc. will post ($1.03) EPS for the current year.

In other news, Director Frederick T. Muto sold 12,500 shares of the company’s stock in a transaction that occurred on 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 sale, the director now directly owns 15,043 shares of the company’s stock, valued at approximately $335,609.33. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Several hedge funds recently modified their holdings of the company. Dimensional Fund Advisors LP bought a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth $6,020,000. Employees Retirement System of Texas bought a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth $1,734,000. Utah Retirement Systems bought a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth $1,325,000. State of New Jersey Common Pension Fund D bought a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth $6,193,000. Finally, Bank of Montreal Can bought a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth $1,060,000.

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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