Ionis Pharmaceuticals (NASDAQ:IONS) had its price target decreased by analysts at Morgan Stanley from $43.00 to $38.00 in a research report issued to clients and investors on Monday, PriceTargets.com reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s target price would indicate a potential downside of 7.68% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on IONS. Barclays decreased their target price on Ionis Pharmaceuticals from $52.00 to $47.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 23rd. BMO Capital Markets reduced their price objective on Ionis Pharmaceuticals from $90.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 29th. Royal Bank of Canada reduced their price objective on Ionis Pharmaceuticals from $76.00 to $65.00 and set an “outperform” rating for the company in a research note on Tuesday, March 23rd. TheStreet cut Ionis Pharmaceuticals from a “c” rating to a “d+” rating in a research note on Wednesday, February 24th. Finally, Needham & Company LLC reduced their price objective on Ionis Pharmaceuticals from $95.00 to $86.00 and set a “buy” rating for the company in a research note on Monday, March 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. Ionis Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $57.45.
IONS stock opened at $41.16 on Monday. The business has a 50 day moving average price of $47.61 and a 200 day moving average price of $52.03. The stock has a market cap of $5.80 billion, a price-to-earnings ratio of 85.75 and a beta of 1.42. Ionis Pharmaceuticals has a fifty-two week low of $39.17 and a fifty-two week high of $64.37. The company has a quick ratio of 10.28, a current ratio of 10.37 and a debt-to-equity ratio of 0.51.
In related news, EVP Patrick R. O’neil sold 5,324 shares of the company’s stock in a transaction on Monday, January 25th. The stock was sold at an average price of $63.50, for a total transaction of $338,074.00. Following the transaction, the executive vice president now owns 26,502 shares of the company’s stock, valued at $1,682,877. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Stanley T. Crooke sold 35,000 shares of the company’s stock in a transaction on Thursday, January 21st. The stock was sold at an average price of $61.20, for a total value of $2,142,000.00. Following the transaction, the chairman now directly owns 30,354 shares in the company, valued at approximately $1,857,664.80. The disclosure for this sale can be found here. Insiders have sold 68,893 shares of company stock worth $4,298,830 in the last ninety days. 2.40% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in IONS. Price T Rowe Associates Inc. MD grew its holdings in Ionis Pharmaceuticals by 22.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,114,967 shares of the company’s stock worth $741,520,000 after acquiring an additional 2,382,942 shares during the period. JPMorgan Chase & Co. boosted its position in Ionis Pharmaceuticals by 157.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,873,332 shares of the company’s stock worth $105,918,000 after purchasing an additional 1,145,403 shares in the last quarter. Norges Bank purchased a new stake in Ionis Pharmaceuticals during the fourth quarter worth $42,994,000. PFM Health Sciences LP purchased a new stake in Ionis Pharmaceuticals during the fourth quarter worth $14,893,000. Finally, Morgan Stanley boosted its position in Ionis Pharmaceuticals by 120.3% during the fourth quarter. Morgan Stanley now owns 423,135 shares of the company’s stock worth $23,923,000 after purchasing an additional 231,047 shares in the last quarter. 84.14% of the stock is currently owned by hedge funds and other institutional investors.
About Ionis Pharmaceuticals
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 injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy.
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