Ionis Pharmaceuticals (NASDAQ:IONS) Reaches New 12-Month High – Time to Buy?

Shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) hit a new 52-week high on Thursday . The stock traded as high as $86.74 and last traded at $86.2210, with a volume of 319030 shares trading hands. The stock had previously closed at $84.99.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. TD Cowen reiterated a “buy” rating on shares of Ionis Pharmaceuticals in a report on Wednesday, December 3rd. HC Wainwright lifted their target price on shares of Ionis Pharmaceuticals from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Barclays initiated coverage on Ionis Pharmaceuticals in a report on Wednesday, January 28th. They issued an “overweight” rating and a $95.00 price target for the company. Bank of America lifted their price objective on Ionis Pharmaceuticals from $86.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Finally, Wells Fargo & Company upped their target price on Ionis Pharmaceuticals from $82.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.45.

Ionis Pharmaceuticals Stock Performance

The stock has a market cap of $13.84 billion, a price-to-earnings ratio of -50.57 and a beta of 0.29. The company has a current ratio of 2.79, a quick ratio of 2.78 and a debt-to-equity ratio of 0.96. The stock’s 50-day moving average is $80.46 and its 200-day moving average is $67.26.

Insider Activity

In other news, EVP Patrick R. O’neil sold 6,179 shares of the company’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $83.53, for a total value of $516,131.87. Following the completion of the sale, the executive vice president owned 71,983 shares of the company’s stock, valued at $6,012,739.99. This represents a 7.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brett P. Monia sold 62,970 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $82.72, for a total value of $5,208,878.40. Following the sale, the chief executive officer owned 283,927 shares in the company, valued at approximately $23,486,441.44. The trade was a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 431,284 shares of company stock worth $34,770,331 in the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. increased its stake in Ionis Pharmaceuticals by 253.3% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,800,000 shares of the company’s stock worth $150,138,000 after buying an additional 2,724,400 shares during the period. Marshall Wace LLP grew its stake in shares of Ionis Pharmaceuticals by 7,219.3% during the third quarter. Marshall Wace LLP now owns 958,829 shares of the company’s stock valued at $62,727,000 after acquiring an additional 945,729 shares in the last quarter. American Century Companies Inc. increased its position in shares of Ionis Pharmaceuticals by 190.3% during the third quarter. American Century Companies Inc. now owns 1,372,225 shares of the company’s stock worth $89,771,000 after acquiring an additional 899,476 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Ionis Pharmaceuticals in the third quarter worth about $41,223,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Ionis Pharmaceuticals by 230.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 878,155 shares of the company’s stock worth $57,449,000 after acquiring an additional 612,362 shares in the last quarter. 93.86% of the stock is owned by institutional investors and hedge funds.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is a biotechnology company focused on the discovery and development of RNA-targeted therapies designed to modulate gene expression. The company’s proprietary antisense oligonucleotide (ASO) technology enables the selective binding of short synthetic strands of nucleic acids to messenger RNA (mRNA), thereby inhibiting or altering the production of disease-causing proteins. Ionis’ pipeline spans a range of therapeutic areas, including neurological disorders, cardiovascular conditions, metabolic diseases and rare genetic disorders.

Since its founding in 1989 by Dr.