Ionis Pharmaceuticals Inc. (IONS) Upgraded at BMO Capital Markets
Ionis Pharmaceuticals Inc. (NASDAQ:IONS) was upgraded by investment analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, The Fly reports.
Several other equities research analysts have also recently issued reports on IONS. Piper Jaffray Cos. restated a “buy” rating and set a $35.00 price objective on shares of Ionis Pharmaceuticals in a research report on Friday, June 10th. Zacks Investment Research cut shares of Ionis Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, July 6th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Ionis Pharmaceuticals in a research report on Friday, July 8th. Cowen and Company reiterated a “hold” rating on shares of Ionis Pharmaceuticals in a research report on Thursday, July 14th. Finally, Jefferies Group reiterated an “underperform” rating and set a $12.00 price target on shares of Ionis Pharmaceuticals in a research report on Friday, July 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have assigned 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 a consensus target price of $42.25.
Ionis Pharmaceuticals (NASDAQ:IONS) opened at 36.38 on Thursday. Ionis Pharmaceuticals has a 1-year low of $19.59 and a 1-year high of $65.34. The company’s 50 day moving average is $32.66 and its 200 day moving average is $32.34. The company’s market cap is $4.40 billion.
Ionis Pharmaceuticals (NASDAQ:IONS) last released its quarterly earnings data on Tuesday, August 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.52) by $0.05. Ionis Pharmaceuticals had a negative net margin of 128.94% and a negative return on equity of 126.88%. The firm earned $38.50 million during the quarter, compared to analysts’ expectations of $38.52 million. The firm’s revenue was down 68.0% on a year-over-year basis. Equities research analysts forecast that Ionis Pharmaceuticals will post ($1.11) EPS for the current year.
In other news, COO B Lynne Parshall sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $29.88, for a total transaction of $373,500.00. Following the completion of the sale, the chief operating officer now owns 25,558 shares in the company, valued at approximately $763,673.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Stanley T. Crooke sold 22,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $36.02, for a total transaction of $792,440.00. Following the sale, the chairman now owns 45,029 shares of the company’s stock, valued at approximately $1,621,944.58. The disclosure for this sale can be found here. 1.86% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC increased its stake in shares of Ionis Pharmaceuticals by 372.6% in the second quarter. AQR Capital Management LLC now owns 1,858,239 shares of the company’s stock valued at $43,278,000 after buying an additional 1,465,004 shares in the last quarter. State Street Corp increased its stake in shares of Ionis Pharmaceuticals by 39.8% in the second quarter. State Street Corp now owns 4,246,911 shares of the company’s stock valued at $98,915,000 after buying an additional 1,209,523 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Ionis Pharmaceuticals during the second quarter valued at $22,326,000. BVF Inc. IL bought a new stake in shares of Ionis Pharmaceuticals during the second quarter valued at $19,797,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Ionis Pharmaceuticals during the second quarter valued at $19,719,000. Institutional investors and hedge funds own 89.58% of the company’s stock.
About Ionis Pharmaceuticals
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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