Ionis Pharmaceuticals (NASDAQ:IONS) Shares Up 5.3% on Insider Buying Activity

Shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) shot up 5.3% on Friday after an insider bought additional shares in the company. The stock traded as high as $28.72 and last traded at $28.7670. Approximately 2,926,975 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 2,816,803 shares. The stock had previously closed at $27.31.

Specifically, Director Michael Hayden acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, November 10th. The stock was purchased at an average price of $29.64 per share, with a total value of $148,200.00. Following the transaction, the director directly owned 27,000 shares in the company, valued at approximately $800,280. The trade was a 22.73% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

IONS has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ionis Pharmaceuticals in a report on Thursday, October 15th. Citigroup reiterated a “buy” rating on shares of Ionis Pharmaceuticals in a research report on Wednesday, October 21st. UBS Group assumed coverage on Ionis Pharmaceuticals in a report on Thursday, October 15th. They set a “buy” rating and a $88.00 price target for the company. BMO Capital Markets upgraded Ionis Pharmaceuticals from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $54.00 to $66.00 in a research report on Thursday, October 22nd. Finally, Guggenheim reduced their price target on Ionis Pharmaceuticals from $89.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, September 15th. Nineteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Ionis Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.71.

Ionis Pharmaceuticals News Roundup

These are some of the IONS news items that stood out recently:

• Positive Sentiment: Two-year DAWNZERA data presented at the ACAAI meeting supported durable efficacy and disease control for hereditary angioedema, adding clinical evidence for the drug. Wells Fargo also rated Ionis a Buy. DAWNZERA long-term data Wells Fargo rating
• Negative Sentiment: Ionis reportedly cut its full-year TRYNGOLZA sales outlook by roughly half after third-quarter sales reached just $9.3 million. The sales shortfall prompted investor-law-firm investigations, creating additional legal and reputational overhang. Investor investigation notice Wolf Popper investigation
• Negative Sentiment: Several firms—including Morgan Stanley, Needham, HC Wainwright, Oppenheimer and Goldman Sachs—cut price expectations; a separate analyst downgrade was associated with a sharp recent decline in the shares. Artisan Partners also said its small-cap growth strategy exited Ionis following sequential Phase 3 setbacks. Morgan Stanley price target Artisan Partners exit

Ionis Pharmaceuticals Price Performance

The company has a market cap of $4.84 billion, a P/E ratio of -8.75 and a beta of 0.43. The company has a debt-to-equity ratio of 3.42, a quick ratio of 7.73 and a current ratio of 5.43. The firm’s fifty day moving average is $43.65 and its two-hundred day moving average is $64.57.

Ionis Pharmaceuticals (NASDAQ:IONS) last posted its quarterly earnings results on Monday, November 9th. The company reported ($0.66) EPS for the quarter, beating analysts’ consensus estimates of ($1.23) by $0.57. Ionis Pharmaceuticals had a negative return on equity of 120.62% and a negative net margin of 56.98%. The business had revenue of $242.72 million for the quarter, compared to analysts’ expectations of $178.17 million. During the same period last year, the firm earned ($0.80) earnings per share. The business’s quarterly revenue was up 54.8% on a year-over-year basis. As a group, analysts anticipate that Ionis Pharmaceuticals, Inc. will post -3.59 earnings per share for the current fiscal year.

Institutional Trading of Ionis Pharmaceuticals

Several institutional investors have recently made changes to their positions in IONS. Laurel Wealth Advisors LLC bought a new position in Ionis Pharmaceuticals in the 3rd quarter worth approximately $27,000. Cassaday & Co Wealth Management LLC purchased a new stake in Ionis Pharmaceuticals during the 1st quarter valued at approximately $30,000. Root Financial Partners LLC purchased a new stake in Ionis Pharmaceuticals during the 3rd quarter valued at approximately $30,000. Fortitude Family Office LLC raised its position in shares of Ionis Pharmaceuticals by 4,411.8% during the third quarter. Fortitude Family Office LLC now owns 767 shares of the company’s stock valued at $34,000 after buying an additional 750 shares during the last quarter. Finally, Allworth Financial LP bought a new stake in shares of Ionis Pharmaceuticals during the second quarter valued at approximately $41,000. Hedge funds and other institutional investors own 93.86% of the company’s stock.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals is a biotechnology company that discovers and develops RNA-targeted medicines, with a focus on antisense oligonucleotides. Its medicines are designed to act on RNA and change the production of proteins linked to disease. The company’s research and development programs span neurological, cardiovascular, metabolic and rare diseases. Ionis has developed medicines that it commercializes itself and products advanced or marketed with pharmaceutical partners. Its medicines and partnered products include treatments for conditions such as spinal muscular atrophy and transthyretin amyloidosis.