Ionis Pharmaceuticals (NASDAQ:IONS) Upgraded at BMO Capital Markets

BMO Capital Markets upgraded shares of Ionis Pharmaceuticals (NASDAQ:IONS) from a market perform rating to an outperform rating in a research note released on Thursday morning, MarketBeat reports. The brokerage currently has $66.00 price objective on the stock, up from their previous price objective of $54.00.

Several other equities research analysts have also recently issued reports on IONS. Wells Fargo & Company cut their target price on Ionis Pharmaceuticals from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Leerink Partners lifted their target price on Ionis Pharmaceuticals from $122.00 to $129.00 and gave the company an “outperform” rating in a research report on Thursday, June 25th. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 price target on shares of Ionis Pharmaceuticals in a research note on Thursday, September 24th. Wall Street Zen lowered Ionis Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Ionis Pharmaceuticals in a report on Thursday, October 15th. Nineteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $89.48.

Ionis Pharmaceuticals Stock Down 2.2%

IONS stock opened at $42.93 on Thursday. The firm has a market cap of $7.13 billion, a PE ratio of -12.41 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’s 50 day moving average price is $50.53 and its 200-day moving average price is $63.19. Ionis Pharmaceuticals has a one year low of $42.08 and a one year high of $86.74.

Insider Buying and Selling

In related news, Director Michael R. Hayden bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was purchased at an average price of $51.60 per share, for a total transaction of $258,000.00. Following the acquisition, the director owned 24,000 shares of the company’s stock, valued at approximately $1,238,400. This trade represents a 26.32% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Shannon L. Devers sold 1,357 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $43.54, for a total transaction of $59,083.78. Following the completion of the sale, the executive vice president owned 17,811 shares of the company’s stock, valued at $775,490.94. This trade represents a 7.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 1.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of IONS. Inspire Investing LLC grew its position in Ionis Pharmaceuticals by 29.4% in the 3rd quarter. Inspire Investing LLC now owns 10,513 shares of the company’s stock valued at $469,000 after acquiring an additional 2,386 shares in the last quarter. Root Financial Partners LLC purchased a new stake in Ionis Pharmaceuticals during the third quarter worth about $30,000. Pinnacle Associates Ltd. increased its stake in Ionis Pharmaceuticals by 4.0% during the third quarter. Pinnacle Associates Ltd. now owns 436,404 shares of the company’s stock worth $19,485,000 after purchasing an additional 16,652 shares during the period. Nisa Investment Advisors LLC increased its stake in Ionis Pharmaceuticals by 64.8% during the third quarter. Nisa Investment Advisors LLC now owns 956 shares of the company’s stock worth $43,000 after purchasing an additional 376 shares during the period. Finally, Vontobel Holding Ltd. increased its stake in Ionis Pharmaceuticals by 24.8% during the third quarter. Vontobel Holding Ltd. now owns 6,187 shares of the company’s stock worth $276,000 after purchasing an additional 1,230 shares during the period. 93.86% of the stock is currently owned by hedge funds and other institutional investors.

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.