Ionis Pharmaceuticals Inc. (IONS) Upgraded to Outperform at BMO Capital Markets
BMO Capital Markets upgraded shares of Ionis Pharmaceuticals Inc. (NASDAQ:IONS) from a market perform rating to an outperform rating in a research note issued to investors on Thursday. BMO Capital Markets currently has $48.00 target price on the stock, up from their prior target price of $42.00.
IONS has been the subject of several other research reports. Piper Jaffray Cos. reiterated a buy rating and set a $35.00 target price on shares of Ionis Pharmaceuticals in a research note on Friday, June 10th. Cowen and Company reiterated a market perform rating on shares of Ionis Pharmaceuticals in a research note on Saturday, August 13th. Morgan Stanley assumed coverage on shares of Ionis Pharmaceuticals in a research report on Tuesday, August 2nd. They set an equal weight rating and a $37.00 price target for the company. Wells Fargo & Co. restated an outperform rating on shares of Ionis Pharmaceuticals in a research report on Friday, August 19th. Finally, Barclays PLC upped their price target on shares of Ionis Pharmaceuticals from $26.00 to $41.00 and gave the stock an equal weight rating in a research report on Tuesday, August 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Ionis Pharmaceuticals currently has an average rating of Hold and a consensus target price of $42.92.
Ionis Pharmaceuticals (NASDAQ:IONS) traded down 2.54% during trading on Thursday, reaching $33.39. 898,071 shares of the company’s stock traded hands. The stock’s market capitalization is $4.04 billion. The company has a 50-day moving average of $32.65 and a 200 day moving average of $32.35. Ionis Pharmaceuticals has a 12 month low of $19.59 and a 12 month high of $65.34.
Ionis Pharmaceuticals (NASDAQ:IONS) last released its earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.05. Ionis Pharmaceuticals had a negative net margin of 128.94% and a negative return on equity of 126.88%. The firm earned $38.50 million during the quarter, compared to analyst estimates of $38.52 million. The business’s revenue was down 68.0% on a year-over-year basis. On average, equities research analysts expect that Ionis Pharmaceuticals will post ($1.11) earnings per share for the current fiscal year.
In other Ionis Pharmaceuticals news, COO B Lynne Parshall sold 12,500 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $29.88, for a total transaction of $373,500.00. Following the completion of the sale, the chief operating officer now directly owns 25,558 shares of the company’s stock, valued at $763,673.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Stanley T. Crooke sold 22,000 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $35.50, for a total transaction of $781,000.00. Following the sale, the chairman now directly owns 45,029 shares of the company’s stock, valued at $1,598,529.50. The disclosure for this sale can be found here. Company insiders own 1.86% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA raised its stake in Ionis Pharmaceuticals by 182.0% in the third quarter. BNP Paribas Arbitrage SA now owns 51,100 shares of the company’s stock worth $1,872,000 after buying an additional 32,982 shares in the last quarter. Tobam acquired a new position in shares of Ionis Pharmaceuticals during the second quarter worth $4,630,000. Stifel Financial Corp acquired a new position in shares of Ionis Pharmaceuticals during the second quarter worth $13,843,000. Amalgamated Bank increased its position in shares of Ionis Pharmaceuticals by 35.8% in the second quarter. Amalgamated Bank now owns 19,232 shares of the company’s stock worth $690,000 after buying an additional 5,071 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Ionis Pharmaceuticals by 11.7% in the second quarter. Legal & General Group Plc now owns 64,960 shares of the company’s stock worth $1,513,000 after buying an additional 6,779 shares in the last quarter. 89.58% of the stock is owned by institutional investors.
About Ionis Pharmaceuticals
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.
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