Ionis Pharmaceuticals (NASDAQ:IONS) Sets New 1-Year Low – Here’s What Happened

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $49.19 and last traded at $48.99, with a volume of 313003 shares. The stock had previously closed at $51.44.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IONS. Wells Fargo & Company dropped their target price on Ionis Pharmaceuticals from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Wolfe Research reissued a “peer perform” rating on shares of Ionis Pharmaceuticals in a research report on Thursday, July 16th. Morgan Stanley lowered their price objective on shares of Ionis Pharmaceuticals from $110.00 to $104.00 and set an “overweight” rating for the company in a research note on Tuesday, September 8th. Royal Bank Of Canada dropped their price objective on shares of Ionis Pharmaceuticals from $100.00 to $85.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Finally, HC Wainwright cut their target price on shares of Ionis Pharmaceuticals from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Tuesday, September 8th. Seventeen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.80.

Ionis Pharmaceuticals Price Performance

The company has a 50 day moving average of $58.17 and a 200 day moving average of $69.30. The company has a debt-to-equity ratio of 3.07, a quick ratio of 7.73 and a current ratio of 7.89. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of -14.10 and a beta of 0.42.

Insider Activity

In related news, Director Allene Diaz sold 10,111 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $85.42, for a total value of $863,681.62. Following the completion of the transaction, the director owned 3,811 shares in the company, valued at $325,535.62. The trade was a 72.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Holly Kordasiewicz sold 362 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $84.30, for a total transaction of $30,516.60. Following the transaction, the executive vice president owned 22,096 shares of the company’s stock, valued at $1,862,692.80. This trade represents a 1.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 156,317 shares of company stock valued at $12,656,566. 1.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ionis Pharmaceuticals

Several large investors have recently bought and sold shares of IONS. Handelsbanken Fonder AB grew its holdings in shares of Ionis Pharmaceuticals by 79.1% during the second quarter. Handelsbanken Fonder AB now owns 383,211 shares of the company’s stock worth $30,385,000 after buying an additional 169,300 shares during the last quarter. Empowered Funds LLC lifted its position in Ionis Pharmaceuticals by 318.1% during the 1st quarter. Empowered Funds LLC now owns 103,141 shares of the company’s stock worth $7,745,000 after acquiring an additional 78,470 shares during the period. TimesSquare Capital Management LLC acquired a new stake in Ionis Pharmaceuticals during the 2nd quarter worth approximately $48,690,000. Perceptive Advisors LLC purchased a new position in shares of Ionis Pharmaceuticals in the 1st quarter valued at approximately $37,845,000. Finally, Eagle Health Investments LP purchased a new position in shares of Ionis Pharmaceuticals in the 2nd quarter valued at approximately $15,428,000. Hedge funds and other institutional investors own 93.86% of the company’s stock.

Ionis Pharmaceuticals Company Profile

Ionis Pharmaceuticals, Inc is a biotechnology company that discovers and develops medicines using antisense technology, which is designed to target RNA and influence the production of disease-related proteins. The company focuses on neurological, cardiovascular, metabolic and other serious diseases for which there remains a significant unmet medical need.

Ionis has developed several approved therapies, including SPINRAZA (nusinersen) for spinal muscular atrophy, QALSODY (tofersen) for a form of amyotrophic lateral sclerosis, TEGSEDI (inotersen) for hereditary transthyretin-mediated amyloidosis and WAYLIVRA (volanesorsen) for familial chylomicronemia syndrome in certain markets.