Ionis Pharmaceuticals (NASDAQ:IONS) Reaches New 52-Week Low – What’s Next?

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) reached a new 52-week low on Monday. The stock traded as low as $42.80 and last traded at $43.2020, with a volume of 109956 shares trading hands. The stock had previously closed at $43.54.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Canaccord Genuity Group decreased their target price on Ionis Pharmaceuticals from $95.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, September 8th. Royal Bank Of Canada cut their price target on shares of Ionis Pharmaceuticals from $100.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, July 13th. The Goldman Sachs Group reduced their price target on shares of Ionis Pharmaceuticals from $69.00 to $56.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 8th. TD Cowen reiterated a “buy” rating on shares of Ionis Pharmaceuticals in a research note on Tuesday, September 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $86.00 price objective on shares of Ionis Pharmaceuticals in a research report on Friday, September 4th. Seventeen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Ionis Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.20.

Ionis Pharmaceuticals Trading Up 1.1%

The firm has a market capitalization of $7.31 billion, a PE ratio of -12.72 and a beta of 0.38. The company has a debt-to-equity ratio of 3.07, a quick ratio of 7.73 and a current ratio of 7.89. The firm has a fifty day moving average of $53.46 and a 200 day moving average of $65.78.

Insider Transactions at Ionis Pharmaceuticals

In other news, Director Michael Hayden acquired 5,000 shares of the stock in a transaction on Friday, July 31st. The stock was bought at an average price of $51.60 per share, with a total value of $258,000.00. Following the completion of the transaction, the director directly owned 24,000 shares of the company’s stock, valued at $1,238,400. The trade was a 26.32% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Baker BROS. Advisors LP increased its stake in Ionis Pharmaceuticals by 216.1% during the 4th quarter. Baker BROS. Advisors LP now owns 1,791,841 shares of the company’s stock worth $141,753,000 after buying an additional 1,225,043 shares during the period. Alyeska Investment Group L.P. boosted its position in Ionis Pharmaceuticals by 199.7% in the 2nd quarter. Alyeska Investment Group L.P. now owns 1,417,916 shares of the company’s stock valued at $112,427,000 after buying an additional 944,766 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Ionis Pharmaceuticals by 1.2% during the first quarter. Pictet Asset Management Holding SA now owns 1,434,995 shares of the company’s stock valued at $107,077,000 after acquiring an additional 16,504 shares in the last quarter. Polar Capital Holdings Plc grew its stake in shares of Ionis Pharmaceuticals by 29.0% during the fourth quarter. Polar Capital Holdings Plc now owns 1,333,424 shares of the company’s stock valued at $105,487,000 after acquiring an additional 299,802 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Ionis Pharmaceuticals by 19,941.6% during the fourth quarter. Franklin Resources Inc. now owns 1,321,345 shares of the company’s stock valued at $104,532,000 after acquiring an additional 1,314,752 shares in the last quarter. 93.86% of the stock is currently owned by hedge funds and other institutional investors.

Ionis Pharmaceuticals Company Profile

Ionis Pharmaceuticals, Inc is a biotechnology company focused on discovering and developing RNA-targeted medicines. The company’s antisense technology is designed to selectively bind to RNA and modify the production of disease-associated proteins. Its research programs address neurological, cardiovascular, metabolic and other serious diseases.

Ionis has developed medicines both independently and through collaborations with larger pharmaceutical companies. Its products and partnered therapies have included treatments for spinal muscular atrophy, hereditary transthyretin-mediated amyloidosis, familial chylomicronemia syndrome and transthyretin amyloidosis with cardiomyopathy or polyneuropathy.