Geode Capital Management LLC Boosts Stake in Ionis Pharmaceuticals, Inc. $IONS

Key Points

• Geode Capital Management increased its Ionis Pharmaceuticals stake by 2.7% in the fourth quarter, bringing its holdings to 3.15 million shares worth about $249.2 million. Institutional investors now own the vast majority of the company, with hedge funds and other institutions holding 93.86% of shares.
• Ionis reported better-than-expected first-quarter results, posting a smaller loss per share than analysts anticipated and revenue of $246.09 million, well above consensus estimates. Revenue also rose 86.4% year over year.
• Despite the stronger results, company insiders sold stock in recent months, including CEO Brett P. Monia and EVP Patrick R. O'Neil. Analysts remain broadly upbeat, with a consensus rating of “Moderate Buy” and an average price target of $100.90.

Geode Capital Management LLC raised its position in shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,148,849 shares of the company's stock after acquiring an additional 82,560 shares during the period. Geode Capital Management LLC owned approximately 1.94% of Ionis Pharmaceuticals worth $249,158,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in IONS. Marshall Wace LLP grew its position in Ionis Pharmaceuticals by 7,219.3% during the third quarter. Marshall Wace LLP now owns 958,829 shares of the company's stock valued at $62,727,000 after acquiring an additional 945,729 shares during the period. American Century Companies Inc. grew its position in Ionis Pharmaceuticals by 190.3% during the third quarter. American Century Companies Inc. now owns 1,372,225 shares of the company's stock valued at $89,771,000 after acquiring an additional 899,476 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Ionis Pharmaceuticals during the third quarter valued at about $41,223,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Ionis Pharmaceuticals by 230.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 878,155 shares of the company's stock valued at $57,449,000 after acquiring an additional 612,362 shares during the period. Finally, Vestal Point Capital LP grew its position in Ionis Pharmaceuticals by 115.0% during the third quarter. Vestal Point Capital LP now owns 1,075,000 shares of the company's stock valued at $70,326,000 after acquiring an additional 575,000 shares during the period. Hedge funds and other institutional investors own 93.86% of the company's stock.

Ionis Pharmaceuticals Price Performance

Shares of NASDAQ IONS opened at $72.97 on Wednesday. Ionis Pharmaceuticals, Inc. has a 1-year low of $33.95 and a 1-year high of $86.74. The business has a 50-day moving average of $74.70 and a 200-day moving average of $77.75. The company has a debt-to-equity ratio of 2.75, a current ratio of 4.10 and a quick ratio of 4.09. The company has a market capitalization of $12.06 billion, a price-to-earnings ratio of -35.25 and a beta of 0.37.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last issued its earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.85) by $0.29. Ionis Pharmaceuticals had a negative return on equity of 58.65% and a negative net margin of 30.91%.The company had revenue of $246.09 million during the quarter, compared to the consensus estimate of $195.57 million. During the same quarter in the prior year, the business earned ($0.93) earnings per share. The company's revenue was up 86.4% compared to the same quarter last year. On average, equities analysts anticipate that Ionis Pharmaceuticals, Inc. will post -3.76 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Patrick R. O'neil sold 10,148 shares of the business's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $75.25, for a total value of $763,637.00. Following the transaction, the executive vice president owned 62,211 shares in the company, valued at approximately $4,681,377.75. The trade was a 14.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brett P. Monia sold 126,670 shares of the business's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $75.20, for a total value of $9,525,584.00. Following the completion of the transaction, the chief executive officer owned 242,662 shares in the company, valued at approximately $18,248,182.40. This trade represents a 34.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 456,298 shares of company stock valued at $33,713,865. Insiders own 1.81% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IONS shares. Canaccord Genuity Group started coverage on Ionis Pharmaceuticals in a research report on Monday, April 20th. They set a "buy" rating and a $110.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $125.00 target price on shares of Ionis Pharmaceuticals in a research report on Wednesday, May 27th. Barclays upped their target price on Ionis Pharmaceuticals from $106.00 to $115.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Morgan Stanley upped their target price on Ionis Pharmaceuticals from $95.00 to $130.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 21st. Finally, Bank of America upped their target price on Ionis Pharmaceuticals from $100.00 to $111.00 and gave the stock a "buy" rating in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $100.90.

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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