Ionis Pharmaceuticals Inc. (NASDAQ:IONS) shares saw strong trading volume on Wednesday . 8,124,854 shares were traded during mid-day trading, an increase of 178% from the previous session’s volume of 2,917,990 shares.The stock last traded at $29.65 and had previously closed at $29.69.

A number of equities analysts have commented on the company. Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Ionis Pharmaceuticals in a research note on Tuesday, June 7th. Piper Jaffray Cos. restated a “buy” rating and issued a $35.00 target price on shares of Ionis Pharmaceuticals in a research note on Friday, June 10th. Cowen and Company restated a “market perform” rating on shares of Ionis Pharmaceuticals in a research note on Saturday, August 13th. BMO Capital Markets restated a “market perform” rating and issued a $26.00 target price on shares of Ionis Pharmaceuticals in a research note on Tuesday, June 7th. Finally, Morgan Stanley assumed coverage on Ionis Pharmaceuticals in a research report on Tuesday, August 2nd. They set an “equal weight” rating and a $37.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Ionis Pharmaceuticals has an average rating of “Hold” and a consensus price target of $41.82.

The company has a 50 day moving average of $31.79 and a 200 day moving average of $33.08. The stock’s market cap is $3.59 billion.

Ionis Pharmaceuticals (NASDAQ:IONS) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.47) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.05. The company had revenue of $38.50 million for the quarter, compared to analyst estimates of $38.52 million. The firm’s quarterly revenue was down 68.0% compared to the same quarter last year. Equities analysts expect that Ionis Pharmaceuticals Inc. will post ($1.07) EPS for the current year.

A number of hedge funds and institutional investors have bought and sold shares of IONS. Utah Retirement Systems purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at $1,325,000. Employees Retirement System of Texas purchased a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at $1,734,000. Finally, Bank of Montreal Can purchased a new stake 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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