Empowered Funds LLC Increases Stock Position in Ionis Pharmaceuticals, Inc. $IONS

Key Points

• Empowered Funds LLC increased its Ionis Pharmaceuticals position by 318.1% in the first quarter, owning 103,141 shares worth approximately $7.75 million. Institutional investors collectively hold 93.86% of the company’s stock.
• Ionis shares opened at $57.24, down from their 12-month high of $86.74. The stock has a market capitalization of about $9.51 billion, while insiders have sold roughly $18.3 million in shares over the past 90 days.
• Analysts remain broadly positive, with 18 Buy ratings, three Holds and one Sell; the consensus rating is “Moderate Buy” with an average price target of $94.65, despite several recent target reductions.

Empowered Funds LLC boosted its position in shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Free Report) by 318.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 103,141 shares of the company's stock after buying an additional 78,470 shares during the quarter. Empowered Funds LLC owned approximately 0.06% of Ionis Pharmaceuticals worth $7,745,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of IONS. Brown Brothers Harriman & Co. acquired a new stake in shares of Ionis Pharmaceuticals during the 4th quarter valued at about $27,000. Cassaday & Co Wealth Management LLC acquired a new position in Ionis Pharmaceuticals in the 1st quarter worth about $30,000. Quarry LP acquired a new position in Ionis Pharmaceuticals in the 3rd quarter worth about $38,000. Hilton Head Capital Partners LLC purchased a new position in Ionis Pharmaceuticals during the fourth quarter worth approximately $47,000. Finally, Laurel Wealth Advisors LLC acquired a new stake in Ionis Pharmaceuticals in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 93.86% of the company's stock.

Ionis Pharmaceuticals Stock Up 2.5%

IONS stock opened at $57.24 on Friday. The company has a market cap of $9.51 billion, a price-to-earnings ratio of -16.54 and a beta of 0.41. The company has a current ratio of 7.89, a quick ratio of 7.73 and a debt-to-equity ratio of 3.07. Ionis Pharmaceuticals, Inc. has a 12 month low of $41.71 and a 12 month high of $86.74. The firm has a 50-day moving average of $65.62 and a two-hundred day moving average of $72.95.

Insider Transactions at Ionis Pharmaceuticals

In other Ionis Pharmaceuticals news, EVP C Frank Bennett sold 5,536 shares of the company's stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $83.58, for a total value of $462,698.88. Following the completion of the sale, the executive vice president directly owned 75,018 shares in the company, valued at $6,270,004.44. This represents a 6.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael R. Hayden bought 5,000 shares of the business's stock in a transaction on Friday, July 31st. The stock was bought at an average cost of $51.60 per share, with a total value of $258,000.00. Following the completion of the purchase, the director directly owned 24,000 shares in the company, valued at approximately $1,238,400. The trade was a 26.32% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 233,163 shares of company stock valued at $18,316,551. 1.81% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on IONS shares. Royal Bank Of Canada cut their price objective on Ionis Pharmaceuticals from $100.00 to $85.00 and set an "outperform" rating for the company in a research report on Monday, July 13th. Wall Street Zen cut shares of Ionis Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. HC Wainwright cut their price target on shares of Ionis Pharmaceuticals from $125.00 to $115.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Needham & Company LLC reduced their price objective on shares of Ionis Pharmaceuticals from $105.00 to $86.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Finally, Citigroup decreased their price objective on shares of Ionis Pharmaceuticals from $115.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Eighteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ionis Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $94.65.

About Ionis Pharmaceuticals

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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