Ionis Pharmaceuticals (NASDAQ:IONS) Price Target Lowered to $77.00 at Wells Fargo & Company

Ionis Pharmaceuticals (NASDAQ:IONS) had its price target cut by research analysts at Wells Fargo & Company from $82.00 to $77.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 96.38% from the stock’s previous close.

Several other research analysts also recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Ionis Pharmaceuticals in a report on Thursday. JPMorgan Chase & Co. boosted their price target on shares of Ionis Pharmaceuticals from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Leerink Partners upgraded shares of Ionis Pharmaceuticals from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $53.00 to $62.00 in a research note on Wednesday, July 24th. Barclays increased their price target on shares of Ionis Pharmaceuticals from $45.00 to $51.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Ionis Pharmaceuticals in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.71.

Ionis Pharmaceuticals Trading Up 0.4 %

IONS stock traded up $0.17 during midday trading on Thursday, reaching $39.21. The company’s stock had a trading volume of 52,319 shares, compared to its average volume of 1,315,179. Ionis Pharmaceuticals has a 1 year low of $35.95 and a 1 year high of $54.44. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of -15.64 and a beta of 0.39. The stock has a fifty day simple moving average of $41.05 and a two-hundred day simple moving average of $42.96. The company has a debt-to-equity ratio of 4.67, a quick ratio of 7.51 and a current ratio of 7.61.

Ionis Pharmaceuticals (NASDAQ:IONS) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.95) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.21. The company had revenue of $134.00 million during the quarter, compared to analyst estimates of $128.99 million. Ionis Pharmaceuticals had a negative net margin of 44.90% and a negative return on equity of 115.66%. On average, equities research analysts predict that Ionis Pharmaceuticals will post -3.73 EPS for the current year.

Hedge Funds Weigh In On Ionis Pharmaceuticals

Several institutional investors have recently made changes to their positions in the company. Great Point Partners LLC purchased a new stake in Ionis Pharmaceuticals during the second quarter worth $15,728,000. International Assets Investment Management LLC raised its position in shares of Ionis Pharmaceuticals by 3,287.0% in the third quarter. International Assets Investment Management LLC now owns 328,772 shares of the company’s stock worth $13,171,000 after acquiring an additional 319,065 shares during the period. Logos Global Management LP acquired a new stake in shares of Ionis Pharmaceuticals during the 2nd quarter valued at about $14,298,000. Zimmer Partners LP purchased a new position in shares of Ionis Pharmaceuticals in the 1st quarter valued at about $11,718,000. Finally, Marshall Wace LLP raised its holdings in Ionis Pharmaceuticals by 1,021.5% in the 2nd quarter. Marshall Wace LLP now owns 173,199 shares of the company’s stock worth $8,255,000 after purchasing an additional 157,756 shares during the period. 93.86% of the stock is 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 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.