Ionis Pharmaceuticals (NASDAQ:IONS) Sets New 12-Month Low - Here's Why

Key Points

• Ionis Pharmaceuticals shares fell to a new 52-week low of $42.39, down 2.5% from the prior close, with the stock trading well below its 50-day and 200-day moving averages.
• Despite the decline, analysts remain broadly optimistic: 17 rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $89.20.
• Institutional investors own 93.86% of the company and several major funds increased their positions, while director Michael Hayden purchased 15,000 shares in July.

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report) shares hit a new 52-week low on Tuesday. The company traded as low as $42.39 and last traded at $42.6850, with a volume of 681,168 shares changing hands. The stock had previously closed at $43.67.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on IONS shares. HC Wainwright restated a "buy" rating and issued a $100.00 price target on shares of Ionis Pharmaceuticals in a research note on Thursday, September 24th. Needham & Company LLC reiterated a "buy" rating and issued a $86.00 price objective on shares of Ionis Pharmaceuticals in a research report on Friday, September 4th. Citigroup cut their price objective on Ionis Pharmaceuticals from $115.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 10th. TD Cowen reissued a "buy" rating on shares of Ionis Pharmaceuticals in a report on Tuesday, September 8th. Finally, Wells Fargo & Company decreased their target price on shares of Ionis Pharmaceuticals from $100.00 to $95.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Seventeen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $89.20.

Ionis Pharmaceuticals Stock Down 2.5%

The company has a market cap of $7.07 billion, a PE ratio of -12.29 and a beta of 0.38. 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 firm's fifty day simple moving average is $52.72 and its 200-day simple moving average is $65.03.

Insider Activity

In related news, Director Michael Hayden acquired 15,000 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The stock was purchased at an average cost of $53.38 per share, for a total transaction of $800,700.00. Following the transaction, the director directly owned 19,000 shares of the company's stock, valued at approximately $1,014,220. This trade represents a 375.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ionis Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Baker BROS. Advisors LP increased its position in Ionis Pharmaceuticals by 216.1% during the 4th quarter. Baker BROS. Advisors LP now owns 1,791,841 shares of the company's stock worth $141,753,000 after purchasing an additional 1,225,043 shares in the last quarter. Alyeska Investment Group L.P. lifted its holdings in Ionis Pharmaceuticals by 199.7% in the 2nd quarter. Alyeska Investment Group L.P. now owns 1,417,916 shares of the company's stock valued at $112,427,000 after purchasing an additional 944,766 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in Ionis Pharmaceuticals by 1.2% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,434,995 shares of the company's stock valued at $107,077,000 after purchasing an additional 16,504 shares in the last quarter. Polar Capital Holdings Plc lifted its holdings in Ionis Pharmaceuticals by 29.0% in the 4th quarter. Polar Capital Holdings Plc now owns 1,333,424 shares of the company's stock valued at $105,487,000 after purchasing an additional 299,802 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Ionis Pharmaceuticals during the 2nd quarter worth about $62,718,000. 93.86% of the stock is owned by institutional investors and hedge funds.

About Ionis Pharmaceuticals

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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