Ionis Pharmaceuticals, Inc. (IONS) Hits New 12-Month High After Insider Buying Activity

Shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) hit a new 52-week high during mid-day trading on Monday following insider buying activity. The stock traded as high as $58.69 and last traded at $58.71, with a volume of 645,889 shares changing hands. The stock had previously closed at $56.39.

Specifically, SVP C Frank Bennett sold 10,000 shares of Ionis Pharmaceuticals stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $59.29, for a total value of $592,900.00. Following the completion of the transaction, the senior vice president now owns 25,041 shares of the company’s stock, valued at approximately $1,484,680.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Stanley T. Crooke sold 16,500 shares of Ionis Pharmaceuticals stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $52.45, for a total transaction of $865,425.00. Following the completion of the transaction, the chairman now directly owns 53,014 shares of the company’s stock, valued at approximately $2,780,584.30. The disclosure for this sale can be found here. In the last three months, insiders sold 54,379 shares of company stock valued at $2,946,052. Insiders own 1.86% of the company’s stock.

Several analysts recently commented on IONS shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $59.00 target price on shares of Ionis Pharmaceuticals in a report on Wednesday, April 26th. Stifel Nicolaus lifted their target price on shares of Ionis Pharmaceuticals from $42.00 to $50.00 and gave the stock a “hold” rating in a report on Wednesday, August 9th. TheStreet raised shares of Ionis Pharmaceuticals from a “d+” rating to a “c-” rating in a report on Wednesday, July 5th. Leerink Swann reaffirmed an “outperform” rating and set a $45.00 target price (down previously from $47.00) on shares of Ionis Pharmaceuticals in a report on Wednesday, May 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $64.00 target price on shares of Ionis Pharmaceuticals in a report on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $48.91.

The stock’s 50 day moving average price is $51.56 and its 200-day moving average price is $47.09. The firm has a market capitalization of $5.84 billion, a PE ratio of 225.87 and a beta of 3.14.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its earnings results on Tuesday, August 8th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $104.15 million for the quarter, compared to the consensus estimate of $93.29 million. Ionis Pharmaceuticals had a return on equity of 15.52% and a net margin of 5.25%. Ionis Pharmaceuticals’s revenue for the quarter was up 170.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.47) EPS. On average, analysts expect that Ionis Pharmaceuticals, Inc. will post ($0.20) earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of the company. Parallel Advisors LLC raised its position in shares of Ionis Pharmaceuticals by 62.8% in the second quarter. Parallel Advisors LLC now owns 2,073 shares of the company’s stock worth $109,000 after buying an additional 800 shares in the last quarter. Hanseatic Management Services Inc. purchased a new position in Ionis Pharmaceuticals during the first quarter worth approximately $138,000. Westpac Banking Corp purchased a new position in Ionis Pharmaceuticals during the first quarter worth approximately $171,000. The Manufacturers Life Insurance Company raised its position in Ionis Pharmaceuticals by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 3,744 shares of the company’s stock worth $190,000 after buying an additional 311 shares during the period. Finally, WFG Advisors LP raised its position in Ionis Pharmaceuticals by 77.2% in the second quarter. WFG Advisors LP now owns 3,800 shares of the company’s stock worth $193,000 after buying an additional 1,655 shares during the period. Hedge funds and other institutional investors own 89.08% of the company’s stock.

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About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is engaged in discovering and developing ribonucleic acid (RNA)-targeted therapeutics. The Company, using its drug discovery platform, has developed a pipeline of drugs for patients with unmet medical needs. The Company’s segments include Ionis Core and Akcea Therapeutics. In the Ionis Core segment, the Company is engaged in exploiting a drug discovery platform to generate a pipeline of drugs for the Company and its partners.

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