Wall Street Zen Upgrades Ionis Pharmaceuticals (NASDAQ:IONS) to Hold

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

IONS has been the topic of a number of other research reports. TD Cowen dropped their target price on Ionis Pharmaceuticals from $84.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday. Royal Bank Of Canada cut their target price on Ionis Pharmaceuticals from $85.00 to $60.00 and set an "outperform" rating on the stock in a research report on Tuesday. BMO Capital Markets upgraded shares of Ionis Pharmaceuticals from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $54.00 to $66.00 in a research note on Thursday, October 22nd. Citigroup reaffirmed a "buy" rating on shares of Ionis Pharmaceuticals in a report on Wednesday, October 21st. Finally, UBS Group started coverage on shares of Ionis Pharmaceuticals in a report on Thursday, October 15th. They set a "buy" rating and a $88.00 price objective for the company. Nineteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $75.71.

Ionis Pharmaceuticals Price Performance

Shares of NASDAQ IONS opened at $29.06 on Friday. Ionis Pharmaceuticals has a fifty-two week low of $27.25 and a fifty-two week high of $86.74. The stock has a market cap of $4.84 billion, a price-to-earnings 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 50-day simple moving average is $43.65 and its 200 day simple moving average is $64.57.

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

Insider Transactions at Ionis Pharmaceuticals

In other Ionis Pharmaceuticals news, Director Michael Hayden acquired 5,000 shares of the company's stock in a transaction on Tuesday, November 10th. The shares were acquired at an average cost of $29.64 per share, with a total value of $148,200.00. Following the completion of the acquisition, the director directly owned 27,000 shares in the company, valued at $800,280. This trade represents a 22.73% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Shannon Devers sold 1,357 shares of the stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $43.54, for a total transaction of $59,083.78. Following the transaction, the executive vice president owned 17,811 shares of the company's stock, valued at $775,490.94. This represents a 7.08% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 1.81% of the company's stock.

Institutional Trading of Ionis Pharmaceuticals

A number of institutional investors have recently modified their holdings of the business. Marshall Wace LLP boosted its holdings in Ionis Pharmaceuticals by 705.0% in the 3rd quarter. Marshall Wace LLP now owns 68,433 shares of the company's stock worth $3,056,000 after buying an additional 59,932 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Ionis Pharmaceuticals by 0.4% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 132,399 shares of the company's stock valued at $5,912,000 after acquiring an additional 581 shares during the period. AlphaGrep UK Ltd lifted its position in shares of Ionis Pharmaceuticals by 251.6% during the third quarter. AlphaGrep UK Ltd now owns 10,358 shares of the company's stock worth $462,000 after acquiring an additional 7,412 shares in the last quarter. Meeder Advisory Services Inc. lifted its position in shares of Ionis Pharmaceuticals by 6.6% during the third quarter. Meeder Advisory Services Inc. now owns 8,164 shares of the company's stock worth $365,000 after acquiring an additional 504 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. lifted its position in shares of Ionis Pharmaceuticals by 29.1% during the third quarter. Edmond DE Rothschild Holding S.A. now owns 146,320 shares of the company's stock worth $6,533,000 after acquiring an additional 33,000 shares in the last quarter. 93.86% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Ionis Pharmaceuticals

Investors following IONS have been watching these stories:

• 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

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.

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