Ionis Pharmaceuticals, Inc. $IONS Shares Acquired by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC increased its stake in Ionis Pharmaceuticals by 15.0%, now holding 64,843 shares valued at approximately $2.56 million.
• Ionis Pharmaceuticals reported a substantial increase in revenue, with $452 million for the quarter, marking a year-over-year growth of 100.9%.
• Analysts have shown positive sentiment, with multiple upgrades to Ionis Pharmaceuticals' price targets, reflecting a consensus target of around $78.28 and most analysts rating the stock as a "buy."

DAVENPORT & Co LLC increased its holdings in Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Free Report) by 15.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 64,843 shares of the company's stock after buying an additional 8,450 shares during the period. DAVENPORT & Co LLC's holdings in Ionis Pharmaceuticals were worth $2,562,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Signaturefd LLC boosted its holdings in shares of Ionis Pharmaceuticals by 45.6% in the 1st quarter. Signaturefd LLC now owns 1,382 shares of the company's stock valued at $42,000 after buying an additional 433 shares during the period. Parallel Advisors LLC lifted its position in Ionis Pharmaceuticals by 151.3% in the 2nd quarter. Parallel Advisors LLC now owns 1,872 shares of the company's stock valued at $74,000 after purchasing an additional 1,127 shares during the last quarter. Ancora Advisors LLC bought a new stake in Ionis Pharmaceuticals in the 1st quarter valued at about $60,000. CWM LLC lifted its position in Ionis Pharmaceuticals by 18.7% in the 1st quarter. CWM LLC now owns 2,435 shares of the company's stock valued at $73,000 after purchasing an additional 384 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in Ionis Pharmaceuticals by 1,722.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,244 shares of the company's stock valued at $98,000 after purchasing an additional 3,066 shares during the last quarter. 93.86% of the stock is owned by institutional investors and hedge funds.

Ionis Pharmaceuticals Stock Up 1.5%

IONS stock opened at $69.96 on Thursday. Ionis Pharmaceuticals, Inc. has a 52 week low of $23.95 and a 52 week high of $71.87. The company has a market capitalization of $11.15 billion, a price-to-earnings ratio of -38.02 and a beta of 0.33. The firm's 50-day moving average is $53.89 and its two-hundred day moving average is $41.33. The company has a current ratio of 2.87, a quick ratio of 2.86 and a debt-to-equity ratio of 0.99.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.51. Ionis Pharmaceuticals had a negative net margin of 28.25% and a negative return on equity of 45.29%. The business had revenue of $452.00 million for the quarter, compared to the consensus estimate of $270.90 million. During the same period in the previous year, the firm earned ($0.45) EPS. The business's revenue for the quarter was up 100.9% on a year-over-year basis. Ionis Pharmaceuticals has set its FY 2025 guidance at EPS. On average, analysts forecast that Ionis Pharmaceuticals, Inc. will post -3.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brett P. Monia sold 437 shares of the business's stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $69.26, for a total value of $30,266.62. Following the sale, the chief executive officer directly owned 179,572 shares in the company, valued at $12,437,156.72. The trade was a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph H. Wender sold 16,800 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $65.50, for a total transaction of $1,100,400.00. Following the completion of the sale, the director owned 92,035 shares in the company, valued at $6,028,292.50. The trade was a 15.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 755,146 shares of company stock worth $45,969,854. Company insiders own 2.60% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Bank of America lifted their price objective on shares of Ionis Pharmaceuticals from $81.00 to $83.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Morgan Stanley lifted their price objective on shares of Ionis Pharmaceuticals from $71.00 to $86.00 and gave the company an "overweight" rating in a research report on Tuesday, September 23rd. Needham & Company LLC lifted their price objective on shares of Ionis Pharmaceuticals from $70.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday. HC Wainwright reiterated a "buy" rating and issued a $95.00 price objective on shares of Ionis Pharmaceuticals in a research report on Wednesday. Finally, Raymond James Financial set a $75.00 price target on shares of Ionis Pharmaceuticals and gave the stock a "strong-buy" rating in a research report on Monday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $78.28.

Ionis Pharmaceuticals Profile

Ionis Pharmaceuticals, Inc discovers and develops RNA-targeted therapeutics in the United States. The company offers SPINRAZA for spinal muscular atrophy (SMA) in pediatric and adult patients; TEGSEDI, an antisense injection for the treatment of polyneuropathy caused by hereditary transthyretin amyloidosis in adults; and WAYLIVRA, an antisense medicine for treatment for familial chylomicronemia syndrome (FCS) and familial partial lipodystrophy.

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