Ionis Pharmaceuticals (NASDAQ:IONS) Given "Peer Perform" Rating at Wolfe Research

Key Points

• Wolfe Research reiterated its “peer perform” rating on Ionis Pharmaceuticals, while the broader analyst picture remains mixed but generally positive, with 18 Buy ratings, 3 Holds, and 1 Sell. The stock’s average analyst price target stands at $96.05.
• Ionis recently reported stronger-than-expected quarterly results, posting EPS of -$0.56 versus expectations for -$0.85 and revenue of $246.09 million versus the $195.56 million estimate. Revenue jumped 86.4% year over year, though the company still posted negative margins and is expected to remain unprofitable this year.
• Insider selling has been notable, including director Allene M. Diaz and EVP Holly B. Kordasiewicz, with insiders selling 233,163 shares over the last 90 days. At the same time, institutional ownership remains very high at 93.86%.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report)'s stock had its "peer perform" rating reiterated by investment analysts at Wolfe Research in a research note issued to investors on Thursday,Benzinga reports.

IONS has been the subject of several other research reports. Jefferies Financial Group reduced their price target on shares of Ionis Pharmaceuticals from $113.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Leerink Partners raised their price objective on shares of Ionis Pharmaceuticals from $122.00 to $129.00 and gave the stock an "outperform" rating in a report on Thursday, June 25th. Bank of America boosted their target price on shares of Ionis Pharmaceuticals from $100.00 to $111.00 and gave the company a "buy" rating in a research report on Thursday, April 9th. Canaccord Genuity Group decreased their price target on Ionis Pharmaceuticals from $110.00 to $95.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Finally, TD Cowen restated a "buy" rating and issued a $108.00 price target on shares of Ionis Pharmaceuticals in a research note on Monday, June 15th. Eighteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Ionis Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $96.05.

Ionis Pharmaceuticals Price Performance

Shares of IONS opened at $54.73 on Thursday. The firm has a fifty day simple moving average of $74.57 and a two-hundred day simple moving average of $76.71. The firm has a market cap of $9.04 billion, a PE ratio of -26.44 and a beta of 0.36. The company has a current ratio of 4.10, a quick ratio of 4.09 and a debt-to-equity ratio of 2.75. Ionis Pharmaceuticals has a 1-year low of $40.03 and a 1-year high of $86.74.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.85) by $0.29. The firm had revenue of $246.09 million for the quarter, compared to the consensus estimate of $195.56 million. Ionis Pharmaceuticals had a negative return on equity of 58.65% and a negative net margin of 30.91%.The company's revenue for the quarter was up 86.4% on a year-over-year basis. During the same period last year, the business posted ($0.93) EPS. On average, equities analysts anticipate that Ionis Pharmaceuticals will post -3.76 EPS for the current year.

Insider Buying and Selling at Ionis Pharmaceuticals

In related news, Director Allene M. Diaz sold 10,111 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $85.42, for a total value of $863,681.62. Following the sale, the director directly owned 3,811 shares of the company's stock, valued at $325,535.62. This represents a 72.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Holly B. Kordasiewicz sold 362 shares of the company's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $84.30, for a total value of $30,516.60. Following the transaction, the executive vice president directly owned 22,096 shares in the company, valued at approximately $1,862,692.80. This represents a 1.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 233,163 shares of company stock valued at $18,316,551. Corporate insiders own 1.81% of the company's stock.

Institutional Inflows and Outflows

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