Ionis Pharmaceuticals (NASDAQ:IONS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $88.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 11.34% from the company’s current price.
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 analysts have also recently issued reports on the stock. Morgan Stanley set a $71.00 price target on shares of Ionis Pharmaceuticals and gave the stock a “hold” rating in a research report on Friday, March 1st. Piper Jaffray Companies set a $63.00 price target on shares of Ionis Pharmaceuticals and gave the stock a “hold” rating in a research report on Friday, March 1st. TheStreet raised shares of Ionis Pharmaceuticals from a “c” rating to a “b-” rating in a research report on Friday, March 1st. BMO Capital Markets increased their price target on shares of Ionis Pharmaceuticals from $70.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, February 28th. Finally, Leerink Swann initiated coverage on shares of Ionis Pharmaceuticals in a research report on Tuesday, November 27th. They set a “market perform” rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $65.13.
Ionis Pharmaceuticals (NASDAQ:IONS) last issued its quarterly earnings results on Wednesday, February 27th. The company reported $2.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $2.20. The business had revenue of $192.00 million for the quarter, compared to analysts’ expectations of $159.59 million. Ionis Pharmaceuticals had a net margin of 45.64% and a return on equity of 41.89%. The business’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) earnings per share. As a group, analysts predict that Ionis Pharmaceuticals will post -0.1 EPS for the current year.
In related news, Chairman Stanley T. Crooke sold 46,904 shares of the firm’s stock in a transaction that occurred on Wednesday, February 13th. The shares were sold at an average price of $60.09, for a total value of $2,818,461.36. Following the sale, the chairman now owns 109,634 shares of the company’s stock, valued at $6,587,907.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Patrick R. O’neil sold 4,400 shares of the firm’s stock in a transaction that occurred on Thursday, January 3rd. The shares were sold at an average price of $54.80, for a total transaction of $241,120.00. Following the completion of the sale, the senior vice president now directly owns 14,584 shares in the company, valued at approximately $799,203.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 240,397 shares of company stock worth $15,593,408. 2.44% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank raised its holdings in Ionis Pharmaceuticals by 159.3% during the fourth quarter. Huntington National Bank now owns 638 shares of the company’s stock worth $34,000 after purchasing an additional 392 shares in the last quarter. Essex Savings Bank acquired a new stake in Ionis Pharmaceuticals during the fourth quarter worth approximately $39,000. Laurel Wealth Advisors LLC acquired a new stake in Ionis Pharmaceuticals during the fourth quarter worth approximately $43,000. Daiwa Securities Group Inc. raised its holdings in Ionis Pharmaceuticals by 29.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 890 shares of the company’s stock worth $48,000 after purchasing an additional 200 shares in the last quarter. Finally, Portfolio Solutions LLC acquired a new stake in Ionis Pharmaceuticals during the fourth quarter worth approximately $54,000. 85.05% of the stock is currently owned by institutional investors.
About Ionis Pharmaceuticals
Ionis Pharmaceuticals, Inc discovers and develops RNA-targeted therapeutics. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; and Kynamro an oligonucleotide inhibitor for use in patients with homozygous familial hypercholesterolemia to reduce low density lipoprotein-cholesterol, apolipoprotein B, total cholesterol, and non-high density lipoprotein.
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