Canaccord Genuity Group Has Lowered Expectations for Ionis Pharmaceuticals (NASDAQ:IONS) Stock Price

Key Points

• Canaccord Genuity Group cut Ionis Pharmaceuticals’ price target from $95 to $85 but maintained a “buy” rating, implying approximately 46% upside from the stock’s $58.09 price.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and average price target of $92.95; 17 analysts rate the stock a buy, four hold it, and one rates it a sell.
• Ionis shares have declined from a 52-week high of $86.74, while insiders sold roughly $17.7 million worth of stock over the past 90 days; institutional investors own 93.86% of the company.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) had its price target cut by investment analysts at Canaccord Genuity Group from $95.00 to $85.00 in a report released on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 46.32% from the stock's current price.

Other research analysts have also issued research reports about the stock. BMO Capital Markets raised their target price on shares of Ionis Pharmaceuticals from $60.00 to $61.00 and gave the company a "market perform" rating in a research note on Friday. Leerink Partners increased their price objective on shares of Ionis Pharmaceuticals from $122.00 to $129.00 and gave the company an "outperform" rating in a report on Thursday, June 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $69.00 price objective on shares of Ionis Pharmaceuticals in a research note on Wednesday, July 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $86.00 target price on shares of Ionis Pharmaceuticals in a report on Friday. Finally, Morgan Stanley cut their price target on Ionis Pharmaceuticals from $130.00 to $110.00 and set an "overweight" rating on the stock in a research note on Friday, July 10th. Seventeen equities 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 company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.95.

Ionis Pharmaceuticals Price Performance

Shares of IONS opened at $58.09 on Tuesday. The firm has a market capitalization of $9.65 billion, a price-to-earnings ratio of -16.79 and a beta of 0.42. 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 business's fifty day moving average price is $60.80 and its two-hundred day moving average price is $70.32. Ionis Pharmaceuticals has a 52 week low of $50.01 and a 52 week high of $86.74.

Insider Activity

In related news, EVP C. Bennett sold 5,536 shares of the firm's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $83.58, for a total transaction of $462,698.88. Following the sale, the executive vice president directly owned 75,018 shares in the company, valued at $6,270,004.44. This trade represents a 6.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Allene M. Diaz sold 10,111 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $85.42, for a total transaction of $863,681.62. Following the completion of the sale, the director directly owned 3,811 shares in the company, valued at $325,535.62. This represents a 72.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 225,163 shares of company stock worth $17,711,191. Corporate insiders own 1.81% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IONS. Brown Brothers Harriman & Co. acquired a new position in Ionis Pharmaceuticals during the 4th quarter worth approximately $27,000. Cassaday & Co Wealth Management LLC acquired a new position in Ionis Pharmaceuticals during the first quarter worth $30,000. Allworth Financial LP bought a new position in Ionis Pharmaceuticals in the second quarter valued at $41,000. Silvant Capital Management LLC acquired a new stake in Ionis Pharmaceuticals in the 2nd quarter valued at $43,000. Finally, Quarry LP acquired a new position in shares of Ionis Pharmaceuticals during the 3rd quarter worth about $38,000. 93.86% of the stock is owned by institutional investors and hedge funds.

Ionis Pharmaceuticals Company Profile

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.

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