Zacks Investment Research upgraded shares of Ionis Pharmaceuticals Inc. (NASDAQ:IONS) from a hold rating to a buy rating in a research report released on Wednesday. Zacks Investment Research currently has $51.00 target price on the stock.

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 research analysts have also issued reports about the stock. Wells Fargo & Co. reiterated a buy rating on shares of Ionis Pharmaceuticals in a research report on Sunday, September 11th. Needham & Company LLC boosted their price objective on shares of Ionis Pharmaceuticals from $55.00 to $64.00 and gave the stock a buy rating in a research report on Monday, August 1st. Cowen and Company reiterated a buy rating on shares of Ionis Pharmaceuticals in a research report on Wednesday, August 3rd. Janney Montgomery Scott assumed coverage on shares of Ionis Pharmaceuticals in a research report on Wednesday, September 28th. They issued a buy rating and a $47.00 price objective on the stock. Finally, BMO Capital Markets reiterated a buy rating and issued a $48.00 price objective on shares of Ionis Pharmaceuticals in a research report on Tuesday, November 8th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $42.69.

Analyst Recommendations for Ionis Pharmaceuticals (NASDAQ:IONS)

Ionis Pharmaceuticals (NASDAQ:IONS) traded up 1.78% during midday trading on Wednesday, reaching $46.38. 1,059,896 shares of the company traded hands. The firm’s market capitalization is $5621.40 billion. Ionis Pharmaceuticals has a 12 month low of $19.59 and a 12 month high of $63.71. The company’s 50-day moving average price is $32.73 and its 200 day moving average price is $30.35.

Ionis Pharmaceuticals (NASDAQ:IONS) last posted its quarterly earnings results on Wednesday, November 9th. The company reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by $0.02. Ionis Pharmaceuticals had a negative return on equity of 120.60% and a negative net margin of 77.30%. The company had revenue of $110.90 million for the quarter, compared to analyst estimates of $114.65 million. The firm’s revenue was up 125.9% on a year-over-year basis. On average, equities analysts anticipate that Ionis Pharmaceuticals will post ($1.11) earnings per share for the current year.

In related news, Chairman Stanley T. Crooke sold 22,000 shares of the stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $35.50, for a total transaction of $781,000.00. Following the completion of the sale, the chairman now owns 45,029 shares of the company’s stock, valued at approximately $1,598,529.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Patrick R. O’neil sold 1,000 shares of the stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $45.00, for a total transaction of $45,000.00. Following the sale, the senior vice president now directly owns 9,720 shares of the company’s stock, valued at approximately $437,400. The disclosure for this sale can be found here. Insiders own 1.86% of the company’s stock.

A number of hedge funds have recently bought and sold shares of IONS. Geode Capital Management LLC increased its stake in Ionis Pharmaceuticals by 4.4% in the first quarter. Geode Capital Management LLC now owns 760,951 shares of the company’s stock worth $30,802,000 after buying an additional 31,981 shares during the period. Wellington Management Group LLP increased its stake in Ionis Pharmaceuticals by 0.3% in the first quarter. Wellington Management Group LLP now owns 427,109 shares of the company’s stock worth $17,298,000 after buying an additional 1,407 shares during the period. Nuveen Asset Management LLC increased its stake in Ionis Pharmaceuticals by 120.4% in the first quarter. Nuveen Asset Management LLC now owns 23,033 shares of the company’s stock worth $933,000 after buying an additional 12,581 shares during the period. Legal & General Group Plc increased its stake in Ionis Pharmaceuticals by 35.7% in the first quarter. Legal & General Group Plc now owns 58,181 shares of the company’s stock worth $2,356,000 after buying an additional 15,308 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Ionis Pharmaceuticals by 1.9% in the first quarter. Envestnet Asset Management Inc. now owns 63,362 shares of the company’s stock worth $2,566,000 after buying an additional 1,199 shares during the period. 88.35% of the stock is 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.

5 Day Chart for NASDAQ:IONS

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