Ionis Pharmaceuticals (NASDAQ:IONS) EVP Sells 1,357 Shares of Stock

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) EVP Shannon Devers sold 1,357 shares of the business’s stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $43.54, for a total transaction of $59,083.78. Following the transaction, the executive vice president owned 17,811 shares in the company, valued at $775,490.94. The trade was a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ionis Pharmaceuticals Price Performance

NASDAQ IONS traded up $1.44 during trading hours on Monday, hitting $44.38. 3,098,845 shares of the company’s stock traded hands, compared to its average volume of 3,344,076. The company has a market capitalization of $7.38 billion, a PE ratio of -12.83 and a beta of 0.38. The company has a debt-to-equity ratio of 3.07, a current ratio of 7.89 and a quick ratio of 7.73. Ionis Pharmaceuticals, Inc. has a 52-week low of $42.08 and a 52-week high of $86.74. The firm’s 50-day moving average is $51.50 and its 200-day moving average is $63.97.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on IONS shares. Wolfe Research restated a “peer perform” rating on shares of Ionis Pharmaceuticals in a research report on Thursday, July 16th. Royal Bank Of Canada dropped their target price on Ionis Pharmaceuticals from $100.00 to $85.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Citigroup cut their target price on Ionis Pharmaceuticals from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Jefferies Financial Group reduced their price target on Ionis Pharmaceuticals from $113.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $86.00 price objective on shares of Ionis Pharmaceuticals in a report on Friday, September 4th. Eighteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.14.

Hedge Funds Weigh In On Ionis Pharmaceuticals

Large investors have recently modified their holdings of the business. Pictet Asset Management Holding SA grew its holdings in shares of Ionis Pharmaceuticals by 1.2% in 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 purchasing an additional 16,504 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in Ionis Pharmaceuticals by 199.7% during the 2nd quarter. Alyeska Investment Group L.P. now owns 1,417,916 shares of the company’s stock worth $112,427,000 after buying an additional 944,766 shares during the period. Groupama Asset Managment lifted its holdings in Ionis Pharmaceuticals by 7.5% during the 1st quarter. Groupama Asset Managment now owns 824,540 shares of the company’s stock worth $61,915,000 after buying an additional 57,651 shares in the last quarter. Bank of America Corp DE acquired a new stake in Ionis Pharmaceuticals during the 2nd quarter worth approximately $62,718,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ionis Pharmaceuticals in the 2nd quarter valued at approximately $54,253,000. Institutional investors and hedge funds own 93.86% of the company’s stock.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is a biotechnology company focused on discovering and developing medicines using antisense technology. Its platform is designed to selectively target RNA and regulate the production of disease-related proteins. The company develops therapies for neurological, cardiovascular and metabolic, and rare diseases.

Ionis has developed and commercialized medicines both independently and through collaborations with larger pharmaceutical companies. Its marketed or partnered products include Spinraza (nusinersen) for spinal muscular atrophy, Tegsedi (inotersen) and Wainua (eplontersen) for hereditary transthyretin amyloidosis, and Tryngolza (olezarsen) for familial chylomicronemia syndrome.