Zacks Investment Research Downgrades Ionis Pharmaceuticals, Inc. (IONS) to Hold
Zacks Investment Research cut shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) from a buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Ionis Pharmaceuticals, Inc. is a RNA-targeted drug discovery and development company which focuses on developing drugs for severe and rare diseases. Ionis Pharmaceuticals, Inc., formerly known as Isis Pharmaceuticals, Inc., is headquartered in Carlsbad, California. “
Other research analysts also recently issued research reports about the stock. Morgan Stanley upped their price objective on shares of Ionis Pharmaceuticals from $45.00 to $49.00 and gave the stock an equal weight rating in a report on Wednesday, November 8th. Needham & Company LLC restated a buy rating and set a $64.00 price objective on shares of Ionis Pharmaceuticals in a report on Tuesday, October 17th. Jefferies Group LLC restated an underperform rating and set a $18.00 price objective (up previously from $17.00) on shares of Ionis Pharmaceuticals in a report on Thursday, August 10th. Laidlaw reiterated a buy rating and issued a $65.00 target price on shares of Ionis Pharmaceuticals in a report on Monday, August 14th. Finally, BMO Capital Markets increased their target price on shares of Ionis Pharmaceuticals from $67.00 to $69.00 and gave the company an outperform rating in a report on Monday, August 14th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $50.31.
Ionis Pharmaceuticals (IONS) traded up $0.76 during trading on Thursday, hitting $55.88. 699,400 shares of the company were exchanged, compared to its average volume of 1,512,485. The company has a quick ratio of 6.21, a current ratio of 6.25 and a debt-to-equity ratio of 1.50. Ionis Pharmaceuticals has a 52 week low of $37.26 and a 52 week high of $65.51. The firm has a market cap of $6,973.57, a P/E ratio of 372.53 and a beta of 2.90.
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In other news, Chairman Stanley T. Crooke sold 27,500 shares of the business’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $52.89, for a total transaction of $1,454,475.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Stanley T. Crooke sold 15,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $52.00, for a total transaction of $780,000.00. Following the sale, the chief executive officer now owns 43,014 shares in the company, valued at approximately $2,236,728. The disclosure for this sale can be found here. In the last quarter, insiders sold 98,636 shares of company stock worth $5,723,915. 2.13% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the business. Parallel Advisors LLC grew its stake in shares of Ionis Pharmaceuticals by 62.8% during the 2nd quarter. Parallel Advisors LLC now owns 2,073 shares of the company’s stock valued at $109,000 after acquiring an additional 800 shares during the period. Hanseatic Management Services Inc. boosted its stake in Ionis Pharmaceuticals by 1.2% in the 2nd quarter. Hanseatic Management Services Inc. now owns 3,481 shares of the company’s stock worth $177,000 after purchasing an additional 41 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Ionis Pharmaceuticals by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,744 shares of the company’s stock worth $190,000 after purchasing an additional 311 shares during the period. WFG Advisors LP boosted its stake in Ionis Pharmaceuticals by 77.2% in the 2nd quarter. WFG Advisors LP now owns 3,800 shares of the company’s stock worth $193,000 after purchasing an additional 1,655 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in shares of Ionis Pharmaceuticals during the 3rd quarter worth approximately $212,000. 88.98% of the stock is owned by institutional investors and hedge funds.
Ionis Pharmaceuticals Company Profile
Ionis Pharmaceuticals, Inc is engaged in discovering and developing ribonucleic acid (RNA)-targeted therapeutics. The Company, using its drug discovery platform, has developed a pipeline of drugs for patients with unmet medical needs. The Company’s segments include Ionis Core and Akcea Therapeutics. In the Ionis Core segment, the Company is engaged in exploiting a drug discovery platform to generate a pipeline of drugs for the Company and its partners.
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