Ionis Pharmaceuticals Inc. (NASDAQ:IONS) shares shot up 1.7% during trading on Friday . The stock traded as high as $31.17 and last traded at $30.88, with a volume of 1,024,689 shares traded. The stock had previously closed at $30.37.

Several brokerages have recently commented on IONS. JPMorgan Chase & Co. reissued a “hold” rating on shares of Ionis Pharmaceuticals in a report on Monday, May 2nd. BMO Capital Markets boosted their target price on Ionis Pharmaceuticals from $25.00 to $40.00 and gave the stock a “market perform” rating in a report on Monday, August 1st. Barclays PLC boosted their target price on Ionis Pharmaceuticals from $26.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 2nd. Morgan Stanley began coverage on Ionis Pharmaceuticals in a report on Tuesday, August 2nd. They issued an “equal weight” rating and a $37.00 target price on the stock. Finally, Leerink Swann reissued a “market perform” rating and issued a $36.00 target price (up from $26.00) on shares of Ionis Pharmaceuticals in a report on Tuesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Ionis Pharmaceuticals presently has an average rating of “Hold” and an average price target of $41.82.

The firm’s market capitalization is $3.74 billion. The company’s 50 day moving average is $31.26 and its 200 day moving average is $33.19.

Ionis Pharmaceuticals (NASDAQ:IONS) last announced its earnings results on Tuesday, August 9th. The company reported ($0.47) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.52) by $0.05. The business had revenue of $38.50 million for the quarter, compared to the consensus estimate of $38.52 million. The firm’s revenue was down 68.0% compared to the same quarter last year. On average, equities analysts forecast that Ionis Pharmaceuticals Inc. will post ($1.07) 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 shares were sold at an average price of $22.31, for a total value of $278,875.00. Following the transaction, the director now directly owns 15,043 shares of the company’s stock, valued at $335,609.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Other hedge funds recently modified their holdings of the company. Utah Retirement Systems bought a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth $1,325,000. Employees Retirement System of Texas bought a new stake in shares of Ionis Pharmaceuticals during the fourth quarter worth $1,734,000. 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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