Ionis Pharmaceuticals Inc. (NASDAQ:IONS)’s share price fell 2.9% during 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.

Several research firms have commented on IONS. Barclays PLC lowered their price objective on shares of Ionis Pharmaceuticals from $42.00 to $26.00 and set an “equal weight” rating for the company in a research report on Friday, May 27th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Ionis Pharmaceuticals in a research report on Sunday, May 29th. Jefferies Group reiterated a “sell” rating on shares of Ionis Pharmaceuticals in a research report on Sunday, May 29th. Cowen and Company reiterated a “buy” rating on shares of Ionis Pharmaceuticals in a research report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. reiterated a “buy” rating and set a $60.00 price objective on shares of Ionis Pharmaceuticals in a research report on Thursday, May 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $41.82.

The company’s 50-day moving average price is $31.42 and its 200-day moving average price is $33.17. The firm’s market cap is $3.74 billion.

Ionis Pharmaceuticals (NASDAQ:IONS) last announced its earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.05. The business had revenue of $38.50 million for the quarter, compared to analyst estimates of $38.52 million. The firm’s revenue was down 68.0% on a year-over-year basis. On average, analysts expect that Ionis Pharmaceuticals Inc. will post ($1.07) earnings per share for the current fiscal year.

In other Ionis Pharmaceuticals news, Director Frederick T. Muto sold 12,500 shares of Ionis Pharmaceuticals stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $22.31, for a total transaction of $278,875.00. Following the sale, the director now owns 15,043 shares of the company’s stock, valued at approximately $335,609.33. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Other hedge funds and institutional investors have recently made changes to their positions in the company. Employees Retirement System of Texas purchased a new position in shares of Ionis Pharmaceuticals during the fourth quarter valued at $1,734,000. Utah Retirement Systems purchased a new position in shares of Ionis Pharmaceuticals during the fourth quarter valued at $1,325,000. Finally, Bank of Montreal Can purchased a new position in shares of Ionis Pharmaceuticals during the fourth quarter valued at $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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