Ionis Pharmaceuticals (NASDAQ:IONS) Reaches New 52-Week Low - Should You Sell?

Key Points

• Ionis Pharmaceuticals fell to a new 52-week low, trading as low as $42.80 and closing near $43.20, while its 50-day and 200-day moving averages stood considerably higher at $53.94 and $66.18.
• Analyst sentiment remains broadly positive but has weakened: the consensus rating is “Moderate Buy” with an average price target of $89.20, although JPMorgan and Goldman Sachs recently cut their targets and one firm downgraded the stock to “sell.”
• Institutional investors own a substantial 93.86% of the shares, with several funds adding or initiating positions, while insiders have sold approximately $2.64 million worth of stock over the past 90 days.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report) reached a new 52-week low on Monday. The stock traded as low as $42.80 and last traded at $43.2020, with a volume of 109956 shares changing hands. The stock had previously closed at $43.54.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IONS. JPMorgan Chase & Co. lowered their target price on Ionis Pharmaceuticals from $76.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, September 22nd. Wolfe Research restated a "peer perform" rating on shares of Ionis Pharmaceuticals in a report on Thursday, July 16th. Wall Street Zen downgraded Ionis Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. The Goldman Sachs Group dropped their price objective on shares of Ionis Pharmaceuticals from $69.00 to $56.00 and set a "neutral" rating for the company in a report on Tuesday, September 8th. Finally, HC Wainwright reissued a "buy" rating and set a $100.00 target price on shares of Ionis Pharmaceuticals in a report on Thursday, September 24th. Seventeen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $89.20.

Ionis Pharmaceuticals Stock Down 1.3%

The company has a quick ratio of 7.73, a current ratio of 7.89 and a debt-to-equity ratio of 3.07. The stock's 50-day simple moving average is $53.94 and its 200 day simple moving average is $66.18. The firm has a market cap of $7.14 billion, a P/E ratio of -12.44 and a beta of 0.38.

Insiders Place Their Bets

In other Ionis Pharmaceuticals news, EVP Holly Kordasiewicz sold 362 shares of Ionis Pharmaceuticals stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $84.30, for a total value of $30,516.60. Following the completion of the sale, the executive vice president directly owned 22,096 shares in the company, valued at approximately $1,862,692.80. The trade was a 1.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Hayden acquired 5,000 shares of Ionis Pharmaceuticals stock in a transaction dated Friday, July 31st. The shares were bought at an average cost of $51.60 per share, with a total value of $258,000.00. Following the transaction, the director owned 24,000 shares in the company, valued at approximately $1,238,400. This trade represents a 26.32% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders sold 31,009 shares of company stock worth $2,638,797. Company insiders own 1.81% of the company's stock.

Institutional Investors Weigh In On Ionis Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB boosted its stake in shares of Ionis Pharmaceuticals by 79.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 383,211 shares of the company's stock worth $30,385,000 after buying an additional 169,300 shares during the last quarter. Empowered Funds LLC increased its position in shares of Ionis Pharmaceuticals by 318.1% during the first quarter. Empowered Funds LLC now owns 103,141 shares of the company's stock valued at $7,745,000 after acquiring an additional 78,470 shares during the last quarter. Perceptive Advisors LLC bought a new stake in Ionis Pharmaceuticals during the first quarter worth $37,845,000. TimesSquare Capital Management LLC bought a new stake in Ionis Pharmaceuticals during the second quarter worth $48,690,000. Finally, Eagle Health Investments LP purchased a new position in Ionis Pharmaceuticals in the second quarter worth $15,428,000. 93.86% of the stock is currently owned by institutional investors and hedge funds.

Ionis Pharmaceuticals Company Profile

Ionis Pharmaceuticals, Inc is a biotechnology company focused on discovering and developing RNA-targeted medicines. The company's antisense technology is designed to selectively bind to RNA and modify the production of disease-associated proteins. Its research programs address neurological, cardiovascular, metabolic and other serious diseases.

Ionis has developed medicines both independently and through collaborations with larger pharmaceutical companies. Its products and partnered therapies have included treatments for spinal muscular atrophy, hereditary transthyretin-mediated amyloidosis, familial chylomicronemia syndrome and transthyretin amyloidosis with cardiomyopathy or polyneuropathy.

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