Ionis Pharmaceuticals (NASDAQ:IONS) Hits New 12-Month Low – Here’s Why

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) hit a new 52-week low during trading on Thursday . The company traded as low as $32.48 and last traded at $32.64, with a volume of 375661 shares trading hands. The stock had previously closed at $33.21.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Guggenheim lowered their price objective on Ionis Pharmaceuticals from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Wells Fargo & Company cut their price target on shares of Ionis Pharmaceuticals from $82.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Ionis Pharmaceuticals in a report on Friday, December 20th. William Blair reissued an “outperform” rating on shares of Ionis Pharmaceuticals in a research note on Friday, December 20th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of Ionis Pharmaceuticals in a research note on Wednesday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.65.

Ionis Pharmaceuticals Price Performance

The company has a current ratio of 8.91, a quick ratio of 8.82 and a debt-to-equity ratio of 1.86. The firm has a fifty day moving average of $35.63 and a two-hundred day moving average of $41.17. The company has a market capitalization of $4.96 billion, a PE ratio of -12.88 and a beta of 0.35.

Insider Activity

In related news, CFO Elizabeth L. Hougen sold 8,870 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $32.81, for a total transaction of $291,024.70. Following the transaction, the chief financial officer now owns 107,885 shares in the company, valued at $3,539,706.85. The trade was a 7.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brett P. Monia sold 33,445 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $32.63, for a total value of $1,091,310.35. Following the completion of the sale, the chief executive officer now owns 207,396 shares of the company’s stock, valued at approximately $6,767,331.48. This trade represents a 13.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,293 shares of company stock valued at $1,914,820. 2.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ionis Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in Ionis Pharmaceuticals by 83.9% in the third quarter. GAMMA Investing LLC now owns 664 shares of the company’s stock valued at $27,000 after acquiring an additional 303 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Ionis Pharmaceuticals in the 2nd quarter worth about $37,000. Capital Performance Advisors LLP bought a new stake in shares of Ionis Pharmaceuticals during the 3rd quarter valued at about $40,000. Prospera Private Wealth LLC bought a new stake in shares of Ionis Pharmaceuticals during the 3rd quarter valued at about $42,000. Finally, Quantbot Technologies LP purchased a new position in shares of Ionis Pharmaceuticals during the third quarter valued at about $51,000. Institutional investors own 93.86% of the company’s stock.

Ionis Pharmaceuticals Company Profile

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.