Ionis Pharmaceuticals Inc. (IONS) Lowered to Sell at Zacks Investment Research
Ionis Pharmaceuticals Inc. (NASDAQ:IONS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
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 equities analysts also recently issued research reports about the company. BMO Capital Markets restated an “outperform” rating and issued a $48.00 target price on shares of Ionis Pharmaceuticals in a research note on Monday. Morgan Stanley began coverage on Ionis Pharmaceuticals in a research note on Tuesday, August 2nd. They issued an “equal weight” rating and a $37.00 target price on the stock. Leerink Swann restated a “market perform” rating and issued a $26.00 target price (down previously from $39.00) on shares of Ionis Pharmaceuticals in a research note on Monday, July 18th. Cowen and Company restated a “market perform” rating on shares of Ionis Pharmaceuticals in a research note on Saturday, August 13th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Ionis Pharmaceuticals in a report on Friday, July 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $42.92.
Shares of Ionis Pharmaceuticals (NASDAQ:IONS) traded down 0.45% during trading on Monday, hitting $28.87. The stock had a trading volume of 1,254,823 shares. The company’s 50 day moving average price is $32.40 and its 200 day moving average price is $31.86. The company’s market capitalization is $3.49 billion. Ionis Pharmaceuticals has a 52 week low of $19.59 and a 52 week high of $65.34.
Ionis Pharmaceuticals (NASDAQ:IONS) last announced its earnings results on Tuesday, August 9th. The company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.05. Ionis Pharmaceuticals had a negative return on equity of 126.88% and a negative net margin of 128.94%. The firm had revenue of $38.50 million for the quarter, compared to the consensus estimate of $38.52 million. The business’s revenue was down 68.0% compared to the same quarter last year. Analysts predict that Ionis Pharmaceuticals will post ($1.11) earnings per share for the current year.
In other news, COO B Lynne Parshall sold 12,500 shares of the company’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $29.88, for a total value of $373,500.00. Following the transaction, the chief operating officer now owns 25,558 shares of the company’s stock, valued at $763,673.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Stanley T. Crooke sold 11,000 shares of the company’s stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $36.61, for a total transaction of $402,710.00. Following the completion of the transaction, the chairman now directly owns 35,029 shares in the company, valued at approximately $1,282,411.69. The disclosure for this sale can be found here. 1.86% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gofen & Glossberg LLC IL purchased a new position in Ionis Pharmaceuticals during the third quarter valued at $247,000. BNP Paribas Arbitrage SA boosted its position in Ionis Pharmaceuticals by 182.0% in the third quarter. BNP Paribas Arbitrage SA now owns 51,100 shares of the company’s stock valued at $1,872,000 after buying an additional 32,982 shares during the last quarter. Tobam purchased a new position in Ionis Pharmaceuticals during the second quarter valued at $4,630,000. Stifel Financial Corp purchased a new position in Ionis Pharmaceuticals during the second quarter valued at $13,843,000. Finally, Amalgamated Bank boosted its position in Ionis Pharmaceuticals by 35.8% in the second quarter. Amalgamated Bank now owns 19,232 shares of the company’s stock valued at $690,000 after buying an additional 5,071 shares during the last quarter. 89.65% of the stock is currently owned by hedge funds and other 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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