Granite Bay Wealth Management LLC Sells 34,000 Shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS)

Granite Bay Wealth Management LLC reduced its stake in Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Free Report) by 71.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,579 shares of the company's stock after selling 34,000 shares during the period. Granite Bay Wealth Management LLC's holdings in Ionis Pharmaceuticals were worth $626,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners acquired a new stake in shares of Ionis Pharmaceuticals during the fourth quarter valued at approximately $34,000. Peoples Bank KS bought a new stake in Ionis Pharmaceuticals in the third quarter worth approximately $39,000. Almanack Investment Partners LLC. bought a new stake in Ionis Pharmaceuticals in the third quarter worth approximately $44,000. Quantbot Technologies LP bought a new stake in Ionis Pharmaceuticals in the second quarter worth approximately $44,000. Finally, Captrust Financial Advisors grew its position in Ionis Pharmaceuticals by 21.1% in the second quarter. Captrust Financial Advisors now owns 1,429 shares of the company's stock worth $53,000 after acquiring an additional 249 shares in the last quarter. 93.86% of the stock is owned by institutional investors and hedge funds.

Ionis Pharmaceuticals Trading Down 1.8 %

IONS stock traded down $0.76 during trading on Friday, hitting $41.74. The company had a trading volume of 829,857 shares, compared to its average volume of 904,466. The firm has a 50-day moving average price of $44.74 and a 200-day moving average price of $47.45. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of -16.30 and a beta of 0.39. Ionis Pharmaceuticals, Inc. has a 12 month low of $34.32 and a 12 month high of $54.44. The company has a quick ratio of 5.83, a current ratio of 5.90 and a debt-to-equity ratio of 3.18.

Ionis Pharmaceuticals (NASDAQ:IONS - Get Free Report) last issued its earnings results on Wednesday, February 21st. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.72. The company had revenue of $325.00 million during the quarter, compared to analysts' expectations of $176.01 million. Ionis Pharmaceuticals had a negative net margin of 46.32% and a negative return on equity of 90.29%. The business's revenue for the quarter was up 113.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.37) EPS. As a group, analysts predict that Ionis Pharmaceuticals, Inc. will post -4 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Oppenheimer boosted their target price on shares of Ionis Pharmaceuticals from $72.00 to $75.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 9th. Stifel Nicolaus upped their price objective on shares of Ionis Pharmaceuticals from $45.00 to $50.00 and gave the stock a "hold" rating in a report on Monday, December 18th. Piper Sandler raised their target price on shares of Ionis Pharmaceuticals from $62.00 to $63.00 and gave the company an "overweight" rating in a research note on Thursday, February 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 target price on shares of Ionis Pharmaceuticals in a research note on Tuesday, April 9th. Finally, William Blair reiterated an "outperform" rating on shares of Ionis Pharmaceuticals in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.08.

Insider Activity

In related news, CEO Brett P. Monia sold 32,059 shares of the company's stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $50.42, for a total value of $1,616,414.78. Following the completion of the transaction, the chief executive officer now directly owns 154,136 shares of the company's stock, valued at approximately $7,771,537.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Brett P. Monia sold 32,059 shares of the company's stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $50.42, for a total value of $1,616,414.78. Following the completion of the transaction, the chief executive officer now directly owns 154,136 shares of the company's stock, valued at approximately $7,771,537.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brett P. Monia sold 2,285 shares of the company's stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $51.75, for a total transaction of $118,248.75. Following the completion of the transaction, the chief executive officer now directly owns 151,851 shares of the company's stock, valued at $7,858,289.25. The disclosure for this sale can be found here. Insiders sold 93,734 shares of company stock valued at $4,724,226 in the last quarter. Company insiders own 2.65% of the company's stock.

About Ionis Pharmaceuticals

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.