Ionis Pharmaceuticals (NASDAQ:IONS) Director Michael Hayden Buys 5,000 Shares

Key Points

• Director Michael Hayden purchased 5,000 Ionis Pharmaceuticals shares at an average price of $51.60, investing $258,000 and increasing his position by 26.32% to 24,000 shares.
• Ionis shares fell to $51.77 during Friday trading, well below their 52-week high of $86.74. The company reported better-than-expected quarterly results, including a $0.56 adjusted loss per share versus the $0.85 consensus loss and revenue growth of 86.4% year over year.
• Analysts maintain a generally positive view, with an average “Moderate Buy” rating and a consensus price target of $94.85, while institutional investors own 93.86% of the company.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report) Director Michael Hayden bought 5,000 shares of the company'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 owned 24,000 shares of the company's stock, valued at approximately $1,238,400. The trade was a 26.32% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Ionis Pharmaceuticals Price Performance

Shares of IONS traded down $1.51 during mid-day trading on Friday, hitting $51.77. 2,564,124 shares of the company traded hands, compared to its average volume of 2,436,866. Ionis Pharmaceuticals, Inc. has a one year low of $40.03 and a one year high of $86.74. The company has a current ratio of 4.10, a quick ratio of 4.09 and a debt-to-equity ratio of 2.75. The business has a 50-day moving average of $70.03 and a 200 day moving average of $74.73. The stock has a market capitalization of $8.56 billion, a price-to-earnings ratio of -14.96 and a beta of 0.36.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $246.09 million during the quarter, compared to analysts' expectations of $195.56 million. Ionis Pharmaceuticals had a negative net margin of 64.76% and a negative return on equity of 106.23%. Ionis Pharmaceuticals's revenue was up 86.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.93) EPS. As a group, equities analysts expect that Ionis Pharmaceuticals, Inc. will post -3.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on IONS shares. TD Cowen reaffirmed a "buy" rating and set a $108.00 price target on shares of Ionis Pharmaceuticals in a research note on Monday, June 15th. Canaccord Genuity Group dropped their price objective on Ionis Pharmaceuticals from $110.00 to $95.00 and set a "buy" rating for the company in a report on Friday, July 10th. Morgan Stanley cut their target price on shares of Ionis Pharmaceuticals from $130.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, July 10th. Raymond James Financial set a $87.00 target price on shares of Ionis Pharmaceuticals in a research note on Thursday, July 9th. Finally, Barclays dropped their price target on shares of Ionis Pharmaceuticals from $115.00 to $90.00 and set an "overweight" rating for the company in a research note 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $94.85.

Institutional Investors Weigh In On Ionis Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IONS. Handelsbanken Fonder AB lifted its stake in Ionis Pharmaceuticals by 79.1% in the second quarter. Handelsbanken Fonder AB now owns 383,211 shares of the company's stock valued at $30,385,000 after buying an additional 169,300 shares during the period. Victrix Investment Advisors acquired a new position in shares of Ionis Pharmaceuticals during the 2nd quarter worth about $270,000. Assenagon Asset Management S.A. increased its stake in shares of Ionis Pharmaceuticals by 21.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 40,927 shares of the company's stock valued at $3,245,000 after acquiring an additional 7,254 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Ionis Pharmaceuticals by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 2,168 shares of the company's stock valued at $172,000 after acquiring an additional 402 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Ionis Pharmaceuticals in the 2nd quarter valued at approximately $112,000. Institutional investors own 93.86% of the company's stock.

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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