Ionis Pharmaceuticals (NASDAQ:IONS) Director Michael Hayden Purchases 5,000 Shares of Company Stock

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Director Michael Hayden purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was acquired at an average cost of $29.64 per share, with a total value of $148,200.00. Following the purchase, the director directly owned 27,000 shares of the company’s stock, valued at $800,280. This trade represents a 22.73% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ionis Pharmaceuticals Trading Up 6.4%

NASDAQ:IONS traded up $1.75 during trading hours on Friday, hitting $29.06. The company had a trading volume of 5,945,342 shares, compared to its average volume of 4,386,260. 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 stock has a 50-day moving average price of $43.65 and a 200 day moving average price of $64.57. The company has a market capitalization of $4.84 billion, a PE ratio of -8.75 and a beta of 0.43. Ionis Pharmaceuticals, Inc. has a 52 week low of $27.25 and a 52 week high of $86.74.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its quarterly earnings data on Monday, November 9th. The company reported ($0.66) EPS for the quarter, topping the consensus estimate of ($1.23) by $0.57. Ionis Pharmaceuticals had a negative net margin of 56.98% and a negative return on equity of 120.62%. The business had revenue of $242.72 million during the quarter, compared to analyst estimates of $178.17 million. During the same period in the prior year, the business earned ($0.80) EPS. The company’s revenue for the quarter was up 54.8% on a year-over-year basis. On average, equities research analysts predict that Ionis Pharmaceuticals, Inc. will post -3.59 EPS for the current fiscal year.

Key Stories Impacting Ionis Pharmaceuticals

Investors following IONS have been watching these stories:

• Positive Sentiment: Two-year DAWNZERA data presented at the ACAAI meeting supported durable efficacy and disease control for hereditary angioedema, adding clinical evidence for the drug. Wells Fargo also rated Ionis a Buy. DAWNZERA long-term data Wells Fargo rating
• Negative Sentiment: Ionis reportedly cut its full-year TRYNGOLZA sales outlook by roughly half after third-quarter sales reached just $9.3 million. The sales shortfall prompted investor-law-firm investigations, creating additional legal and reputational overhang. Investor investigation notice Wolf Popper investigation
• Negative Sentiment: Several firms—including Morgan Stanley, Needham, HC Wainwright, Oppenheimer and Goldman Sachs—cut price expectations; a separate analyst downgrade was associated with a sharp recent decline in the shares. Artisan Partners also said its small-cap growth strategy exited Ionis following sequential Phase 3 setbacks. Morgan Stanley price target Artisan Partners exit

Hedge Funds Weigh In On Ionis Pharmaceuticals

Several large investors have recently made changes to their positions in IONS. Alyeska Investment Group L.P. increased its position in Ionis Pharmaceuticals by 199.7% during 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 buying an additional 944,766 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in Ionis Pharmaceuticals by 21.7% during the third quarter. Pictet Asset Management Holding SA now owns 1,944,020 shares of the company’s stock valued at $87,249,000 after buying an additional 347,022 shares during the last quarter. Bank of America Corp DE purchased a new position in Ionis Pharmaceuticals during the second quarter valued at $62,718,000. Groupama Asset Managment boosted its holdings in Ionis Pharmaceuticals by 7.5% in the first quarter. Groupama Asset Managment now owns 824,540 shares of the company’s stock worth $61,915,000 after acquiring an additional 57,651 shares in the last quarter. Finally, GW&K Investment Management LLC boosted its holdings in Ionis Pharmaceuticals by 79.6% in the third quarter. GW&K Investment Management LLC now owns 1,341,315 shares of the company’s stock worth $59,890,000 after acquiring an additional 594,349 shares in the last quarter. 93.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Bank of America restated a “buy” rating and set a $63.00 price target on shares of Ionis Pharmaceuticals in a research report on Tuesday, November 10th. Guggenheim decreased their price objective on Ionis Pharmaceuticals from $89.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. Morgan Stanley lowered their price objective on Ionis Pharmaceuticals from $104.00 to $75.00 and set an “overweight” rating for the company in a research report on Tuesday, November 10th. Raymond James Financial reissued an “outperform” rating and set a $54.00 price objective on shares of Ionis Pharmaceuticals in a research report on Monday, November 9th. Finally, Needham & Company LLC dropped their target price on shares of Ionis Pharmaceuticals from $86.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, November 9th. Nineteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $75.71.

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.