Ionis Pharmaceuticals (NASDAQ:IONS) Stock Gets Price Target Reduction from Morgan Stanley

Ionis Pharmaceuticals (NASDAQ:IONS) had its target price reduced by Morgan Stanley from $104.00 to $75.00 in a research note issued to investors on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on the stock. UBS Group started coverage on shares of Ionis Pharmaceuticals in a research report on Thursday, October 15th. They set a “buy” rating and a $88.00 target price for the company. Wells Fargo & Company reduced their price target on shares of Ionis Pharmaceuticals from $95.00 to $80.00 and set an “overweight” rating on the stock in a research report on Tuesday. Royal Bank Of Canada decreased their price objective on shares of Ionis Pharmaceuticals from $85.00 to $60.00 and set an “outperform” rating for the company in a research note on Tuesday. Needham & Company LLC decreased their price objective on shares of Ionis Pharmaceuticals from $86.00 to $54.00 and set a “buy” rating for the company in a research note on Monday. Finally, TD Cowen dropped their price objective on shares of Ionis Pharmaceuticals from $84.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday. Nineteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

Ionis Pharmaceuticals Stock Performance

Shares of NASDAQ:IONS opened at $27.31 on Tuesday. The firm has a market capitalization of $4.55 billion, a PE ratio of -8.23 and a beta of 0.43. The company has a debt-to-equity ratio of 3.42, a current ratio of 5.43 and a quick ratio of 7.73. The business has a 50-day moving average of $44.23 and a two-hundred day moving average of $64.84. Ionis Pharmaceuticals has a 12 month low of $27.28 and a 12 month high of $86.74.

Ionis Pharmaceuticals (NASDAQ:IONS) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.66) EPS for the quarter, topping analysts’ consensus estimates of ($1.23) by $0.57. The company had revenue of $242.72 million for the quarter, compared to the consensus estimate of $178.17 million. Ionis Pharmaceuticals had a negative return on equity of 120.62% and a negative net margin of 56.98%. The company’s quarterly revenue was up 54.8% compared to the same quarter last year. During the same period last year, the business posted ($0.80) EPS. As a group, research analysts forecast that Ionis Pharmaceuticals will post -3.62 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Shannon Devers sold 1,357 shares of the business’s stock in a transaction that occurred on Friday, October 16th. The stock was sold at an average price of $43.54, for a total transaction of $59,083.78. Following the transaction, the executive vice president directly owned 17,811 shares of the company’s stock, valued at approximately $775,490.94. The trade was a 7.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.81% of the company’s stock.

Institutional Trading of Ionis Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. AlphaGrep UK Ltd boosted its stake in Ionis Pharmaceuticals by 251.6% in the 3rd quarter. AlphaGrep UK Ltd now owns 10,358 shares of the company’s stock worth $462,000 after purchasing an additional 7,412 shares during the period. Meeder Advisory Services Inc. grew its position in Ionis Pharmaceuticals by 6.6% during the 3rd quarter. Meeder Advisory Services Inc. now owns 8,164 shares of the company’s stock worth $365,000 after purchasing an additional 504 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its position in Ionis Pharmaceuticals by 29.1% during the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 146,320 shares of the company’s stock worth $6,533,000 after purchasing an additional 33,000 shares in the last quarter. GW&K Investment Management LLC raised its stake in Ionis Pharmaceuticals by 79.6% during the 3rd quarter. GW&K Investment Management LLC now owns 1,341,315 shares of the company’s stock valued at $59,890,000 after purchasing an additional 594,349 shares during the period. Finally, Landscape Capital Management L.L.C. acquired a new stake in Ionis Pharmaceuticals during the 3rd quarter valued at $644,000. Hedge funds and other institutional investors own 93.86% of the company’s stock.

More Ionis Pharmaceuticals News

Investors following IONS have been watching these news items:

• Positive Sentiment: Wells Fargo initiated or reiterated a Buy view on Ionis, signaling a favorable analyst outlook despite recent concerns. Article: Ionis receives a Buy from Wells Fargo
• Negative Sentiment: Several firms, including Morgan Stanley, Needham, HC Wainwright, Oppenheimer and Goldman Sachs, lowered price targets or expectations for IONS, reinforcing concerns about the outlook. Article: HC Wainwright cuts Ionis price target
• Negative Sentiment: Wolf Popper and Levi & Korsinsky announced investigations related to Ionis securities claims, with the latter citing the TRYNGOLZA outlook reduction. These are investigations, not findings of wrongdoing, but may add uncertainty for investors. Article: Wolf Popper announces Ionis investor investigation

Ionis Pharmaceuticals Company Profile

Ionis Pharmaceuticals is a biotechnology company that discovers and develops RNA-targeted medicines, with a focus on antisense oligonucleotides. Its medicines are designed to act on RNA and change the production of proteins linked to disease. The company’s research and development programs span neurological, cardiovascular, metabolic and rare diseases. Ionis has developed medicines that it commercializes itself and products advanced or marketed with pharmaceutical partners. Its medicines and partnered products include treatments for conditions such as spinal muscular atrophy and transthyretin amyloidosis.