Jefferies Group reaffirmed their sell rating on shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) in a research report sent to investors on Friday morning. Jefferies Group currently has a $17.00 target price on the stock.
“Pipeline update call focuses on volanesorsen, IONIS-GCGR-Rx & IONIS-FXI- Rx; and BIIB-partnered IONIS-DMPK-2.5-Rx discontinued due to inadequate potency in muscle in Ph1/2. Beyond highly anticipated Spinraza launch (our 2021E sales of $1.6B vs. BIIB cons of $1.4B, implying royalties to IONS of ~$250M), we view current pipeline products unlikely to drive further meaningful appreciation in IONS shares from its already hefty valuation (EV of ~$5.5B).”,” the firm’s analyst wrote.
IONS has been the subject of several other research reports. Leerink Swann reiterated a market perform rating and issued a $40.00 price target on shares of Ionis Pharmaceuticals in a report on Thursday, November 10th. Janney Montgomery Scott reiterated a neutral rating and issued a $54.00 price target (up previously from $50.00) on shares of Ionis Pharmaceuticals in a report on Wednesday, December 28th. J P Morgan Chase & Co reiterated a hold rating and issued a $35.00 price target on shares of Ionis Pharmaceuticals in a report on Thursday, November 10th. Needham & Company LLC reiterated a buy rating and issued a $64.00 price target on shares of Ionis Pharmaceuticals in a report on Tuesday, December 27th. Finally, Zacks Investment Research cut shares of Ionis Pharmaceuticals from a buy rating to a hold rating in a report on Thursday, November 17th. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. Ionis Pharmaceuticals currently has an average rating of Hold and an average target price of $46.48.
Shares of Ionis Pharmaceuticals (NASDAQ:IONS) traded down 3.5352% on Friday, reaching $48.2999. 1,923,634 shares of the company traded hands. The stock has a 50 day moving average of $47.52 and a 200 day moving average of $35.01. The stock’s market cap is $5.85 billion. Ionis Pharmaceuticals has a 52-week low of $19.59 and a 52-week high of $59.04.
Ionis Pharmaceuticals (NASDAQ:IONS) last issued its earnings results on Wednesday, November 9th. The company reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by $0.02. Ionis Pharmaceuticals had a negative net margin of 77.30% and a negative return on equity of 120.60%. The firm earned $110.90 million during the quarter, compared to the consensus estimate of $114.65 million. The firm’s revenue was up 125.9% compared to the same quarter last year. On average, analysts expect that Ionis Pharmaceuticals will post ($1.05) earnings per share for the current year.
In related news, SVP Patrick R. O’neil sold 1,000 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $45.00, for a total transaction of $45,000.00. Following the transaction, the senior vice president now directly owns 9,720 shares of the company’s stock, valued at $437,400. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Elizabeth L. Hougen sold 2,500 shares of the firm’s stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $46.05, for a total transaction of $115,125.00. Following the transaction, the chief financial officer now directly owns 9,048 shares in the company, valued at $416,660.40. The disclosure for this sale can be found here. 1.86% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new position in Ionis Pharmaceuticals during the third quarter worth approximately $126,000. Rockefeller Financial Services Inc. acquired a new position in Ionis Pharmaceuticals during the second quarter worth approximately $114,000. HL Financial Services LLC acquired a new position in Ionis Pharmaceuticals during the third quarter worth approximately $216,000. US Bancorp DE raised its position in Ionis Pharmaceuticals by 37.8% in the second quarter. US Bancorp DE now owns 5,952 shares of the company’s stock worth $139,000 after buying an additional 1,634 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new position in Ionis Pharmaceuticals during the third quarter worth approximately $232,000. 87.72% of the stock is currently owned by institutional investors and hedge funds.
Ionis Pharmaceuticals Company Profile
Ionis Pharmaceuticals, Inc, formerly Isis Pharmaceuticals, Inc, is engaged in discovering and developing ribonucleic acid-targeted (RNA-targeted) therapeutics. The Company operates through two segments: Ionis Core and Akcea Therapeutics. The Company’s Ionis Core segment is developing a drug discovery platform.
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