Ionis Pharmaceuticals, Inc. (IONS) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) from a hold rating to a buy rating in a research report report published on Monday. Zacks Investment Research currently has $59.00 price objective 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. “
Several other brokerages have also recently issued reports on IONS. Sanford C. Bernstein initiated coverage on Ionis Pharmaceuticals in a report on Thursday, July 27th. They set a market perform rating and a $57.00 price objective on the stock. Needham & Company LLC reaffirmed a buy rating and set a $64.00 price objective on shares of Ionis Pharmaceuticals in a report on Wednesday, July 26th. BMO Capital Markets reaffirmed an outperform rating and set a $62.00 price objective (up from $59.56) on shares of Ionis Pharmaceuticals in a report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a hold rating and set a $42.00 price objective on shares of Ionis Pharmaceuticals in a report on Monday, July 10th. Finally, Cowen and Company reaffirmed a market perform rating on shares of Ionis Pharmaceuticals in a report on Monday, May 22nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. Ionis Pharmaceuticals presently has an average rating of Hold and a consensus target price of $46.44.
Shares of Ionis Pharmaceuticals (NASDAQ IONS) traded up 0.47% during midday trading on Monday, reaching $51.02. 764,413 shares of the company were exchanged. The company has a 50 day moving average price of $53.06 and a 200-day moving average price of $46.75. The stock’s market capitalization is $6.32 billion. Ionis Pharmaceuticals has a 12-month low of $24.58 and a 12-month high of $60.01.
Ionis Pharmaceuticals (NASDAQ:IONS) last posted its quarterly earnings results on Tuesday, May 9th. The company reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.13. Ionis Pharmaceuticals had a negative return on equity of 14.61% and a negative net margin of 4.80%. The company had revenue of $110.30 million for the quarter, compared to analysts’ expectations of $86.03 million. During the same period in the previous year, the firm earned ($0.52) EPS. The firm’s revenue was up 199.2% compared to the same quarter last year. On average, analysts forecast that Ionis Pharmaceuticals will post ($0.15) earnings per share for the current fiscal year.
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In other news, major shareholder Ionis Pharmaceuticals Inc purchased 3,125,000 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were acquired at an average price of $8.00 per share, with a total value of $25,000,000.00. Following the transaction, the insider now owns 28,884,540 shares of the company’s stock, valued at $231,076,320. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Stanley T. Crooke sold 16,500 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $52.45, for a total value of $865,425.00. Following the transaction, the chairman now directly owns 53,014 shares in the company, valued at approximately $2,780,584.30. The disclosure for this sale can be found here. Insiders sold a total of 54,379 shares of company stock worth $2,946,052 in the last ninety days. 1.86% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of IONS. Wrapmanager Inc. boosted its stake in shares of Ionis Pharmaceuticals by 4.0% in the first quarter. Wrapmanager Inc. now owns 18,024 shares of the company’s stock worth $725,000 after buying an additional 696 shares during the period. Grandfield & Dodd LLC boosted its stake in shares of Ionis Pharmaceuticals by 1.1% in the first quarter. Grandfield & Dodd LLC now owns 12,119 shares of the company’s stock worth $487,000 after buying an additional 135 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Ionis Pharmaceuticals by 72.4% in the first quarter. Canada Pension Plan Investment Board now owns 111,410 shares of the company’s stock worth $4,479,000 after buying an additional 46,800 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Ionis Pharmaceuticals by 12.0% in the first quarter. Janney Montgomery Scott LLC now owns 49,690 shares of the company’s stock worth $1,998,000 after buying an additional 5,314 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its stake in shares of Ionis Pharmaceuticals by 29.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 191,000 shares of the company’s stock worth $7,679,000 after buying an additional 43,000 shares during the period. Hedge funds and other institutional investors own 88.82% of the company’s stock.
Ionis Pharmaceuticals Company Profile
Ionis Pharmaceuticals, Inc is engaged in discovering and developing ribonucleic acid (RNA)-targeted therapeutics. The Company, using its drug discovery platform, has developed a pipeline of drugs for patients with unmet medical needs. The Company’s segments include Ionis Core and Akcea Therapeutics. In the Ionis Core segment, the Company is engaged in exploiting a drug discovery platform to generate a pipeline of drugs for the Company and its partners.
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