Ionis Pharmaceuticals (NASDAQ:IONS) Stock: Insider Shannon Devers Sells 1,357 Shares

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) EVP Shannon Devers sold 1,357 shares of the business’s stock in a transaction on Friday, October 16th. The stock was sold at an average price of $43.54, for a total value of $59,083.78. Following the transaction, the executive vice president directly owned 17,811 shares of the company’s stock, valued at $775,490.94. The trade was a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Ionis Pharmaceuticals Stock Up 3.4%

NASDAQ IONS traded up $1.44 during trading hours on Monday, hitting $44.38. 3,098,845 shares of the company were exchanged, compared to its average volume of 3,344,076. The company has a quick ratio of 7.73, a current ratio of 7.89 and a debt-to-equity ratio of 3.07. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of -12.83 and a beta of 0.38. The company has a 50 day moving average of $51.50 and a two-hundred day moving average of $63.97. Ionis Pharmaceuticals, Inc. has a 52-week low of $42.08 and a 52-week high of $86.74.

Analyst Upgrades and Downgrades

IONS has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $100.00 price target on shares of Ionis Pharmaceuticals in a research note on Thursday, September 24th. Guggenheim lowered their price target on shares of Ionis Pharmaceuticals from $89.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ionis Pharmaceuticals in a research report on Thursday. Morgan Stanley reduced their price objective on shares of Ionis Pharmaceuticals from $110.00 to $104.00 and set an “overweight” rating on the stock in a report on Tuesday, September 8th. Finally, Barclays reduced their price objective on shares of Ionis Pharmaceuticals from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, September 9th. Eighteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $89.14.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Pictet Asset Management Holding SA raised its position in shares of Ionis Pharmaceuticals by 1.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,434,995 shares of the company’s stock worth $107,077,000 after acquiring an additional 16,504 shares in the last quarter. Alyeska Investment Group L.P. lifted its stake in Ionis Pharmaceuticals by 199.7% during the second quarter. Alyeska Investment Group L.P. now owns 1,417,916 shares of the company’s stock worth $112,427,000 after purchasing an additional 944,766 shares during the last quarter. Groupama Asset Managment boosted its holdings in Ionis Pharmaceuticals by 7.5% in the first quarter. Groupama Asset Managment now owns 824,540 shares of the company’s stock valued at $61,915,000 after purchasing an additional 57,651 shares in the last quarter. Bank of America Corp DE acquired a new position in Ionis Pharmaceuticals in the second quarter valued at approximately $62,718,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Ionis Pharmaceuticals in the second quarter valued at approximately $54,253,000. 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 discovering and developing medicines using antisense technology. Its platform is designed to selectively target RNA and regulate the production of disease-related proteins. The company develops therapies for neurological, cardiovascular and metabolic, and rare diseases.

Ionis has developed and commercialized medicines both independently and through collaborations with larger pharmaceutical companies. Its marketed or partnered products include Spinraza (nusinersen) for spinal muscular atrophy, Tegsedi (inotersen) and Wainua (eplontersen) for hereditary transthyretin amyloidosis, and Tryngolza (olezarsen) for familial chylomicronemia syndrome.