Investors Buy Shares of Ionis Pharmaceuticals Inc. (IONS) on Weakness
Traders bought shares of Ionis Pharmaceuticals Inc. (NASDAQ:IONS) on weakness during trading hours on Wednesday. $82.08 million flowed into the stock on the tick-up and $13.10 million flowed out of the stock on the tick-down, for a money net flow of $68.98 million into the stock. Of all companies tracked, Ionis Pharmaceuticals had the 14th highest net in-flow for the day. Ionis Pharmaceuticals traded down ($0.04) for the day and closed at $29.65
A number of equities research analysts have recently weighed in on IONS shares. Wells Fargo & Co. reissued an “outperform” rating on shares of Ionis Pharmaceuticals in a research note on Friday, August 19th. Needham & Company LLC restated a “buy” rating and set a $55.00 price target (down previously from $88.00) on shares of Ionis Pharmaceuticals in a report on Thursday, May 26th. Zacks Investment Research downgraded Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Friday, May 6th. JPMorgan Chase & Co. reduced their price target on Ionis Pharmaceuticals from $53.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, May 27th. Finally, BMO Capital Markets restated a “market perform” rating and set a $26.00 price target on shares of Ionis Pharmaceuticals in a report on Tuesday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $41.82.
The company’s market cap is $3.59 billion. The firm has a 50 day moving average of $31.79 and a 200-day moving average of $33.08.
Ionis Pharmaceuticals (NASDAQ:IONS) last announced its quarterly earnings results 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 business earned $38.50 million during the quarter, compared to the consensus estimate of $38.52 million. The firm’s revenue for the quarter was down 68.0% on a year-over-year basis. Analysts forecast that Ionis Pharmaceuticals Inc. will post ($1.07) earnings per share for the current fiscal year.
Several hedge funds and institutional investors have made changes to their positions in IONS. Bank of Montreal Can acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $1,060,000. Utah Retirement Systems acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $1,325,000. Finally, Employees Retirement System of Texas acquired a new position in shares of Ionis Pharmaceuticals during the fourth quarter worth approximately $1,734,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.