Bank of America Corp DE Makes New Investment in Ionis Pharmaceuticals, Inc. $IONS

Key Points

• Bank of America acquired 790,990 Ionis Pharmaceuticals shares during the second quarter, worth approximately $62.7 million and representing about 0.48% of the company.
• Institutional investors own 93.86% of Ionis, with several major funds increasing their positions, including Capital World Investors and Baker BROS. Advisors.
• IONS opened at $44.44, near its one-year low, while analysts maintained a “Moderate Buy” consensus with an average price target of $90.80 despite several recent target reductions.

Bank of America Corp DE purchased a new position in shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 790,990 shares of the company's stock, valued at approximately $62,718,000. Bank of America Corp DE owned about 0.48% of Ionis Pharmaceuticals as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital World Investors boosted its stake in shares of Ionis Pharmaceuticals by 41.2% during the 4th quarter. Capital World Investors now owns 17,961,299 shares of the company's stock worth $1,420,918,000 after acquiring an additional 5,238,571 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Ionis Pharmaceuticals by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 3,148,849 shares of the company's stock valued at $249,158,000 after purchasing an additional 82,560 shares during the period. Baker BROS. Advisors LP lifted its stake in shares of Ionis Pharmaceuticals by 216.1% in the fourth quarter. Baker BROS. Advisors LP now owns 1,791,841 shares of the company's stock worth $141,753,000 after buying an additional 1,225,043 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings 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 buying an additional 16,504 shares during the period. Finally, Polar Capital Holdings Plc grew its stake in Ionis Pharmaceuticals by 29.0% in the 4th quarter. Polar Capital Holdings Plc now owns 1,333,424 shares of the company's stock valued at $105,487,000 after buying an additional 299,802 shares during the last quarter. Institutional investors own 93.86% of the company's stock.

Ionis Pharmaceuticals Stock Down 4.9%

Shares of IONS opened at $44.44 on Friday. The company has a market capitalization of $7.39 billion, a P/E ratio of -12.84 and a beta of 0.42. Ionis Pharmaceuticals, Inc. has a one year low of $44.27 and a one year high of $86.74. The business's 50 day simple moving average is $55.97 and its 200-day simple moving average is $68.40. The company has a debt-to-equity ratio of 3.07, a current ratio of 7.89 and a quick ratio of 7.73.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IONS. Citigroup lowered their price target on Ionis Pharmaceuticals from $115.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Wells Fargo & Company decreased their target price on Ionis Pharmaceuticals from $100.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. The Goldman Sachs Group lowered their target price on Ionis Pharmaceuticals from $69.00 to $56.00 and set a "neutral" rating on the stock in a report on Tuesday, September 8th. Morgan Stanley lowered their price objective on shares of Ionis Pharmaceuticals from $110.00 to $104.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 8th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Ionis Pharmaceuticals in a research note on Friday, July 17th. Seventeen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Ionis Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $90.80.

Insider Activity

In other news, EVP Holly Kordasiewicz sold 362 shares of the business's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $84.30, for a total transaction of $30,516.60. Following the completion of the transaction, the executive vice president directly owned 22,096 shares in the company, valued at approximately $1,862,692.80. The trade was a 1.61% decrease in their position. The transaction was disclosed in a 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 Eugene Schneider sold 26,000 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $81.05, for a total transaction of $2,107,300.00. Following the transaction, the executive vice president directly owned 77,114 shares in the company, valued at $6,250,089.70. The trade was a 25.21% 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 ninety days, insiders have sold 156,317 shares of company stock worth $12,656,566. Corporate insiders own 1.81% 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.

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