Ionis Pharmaceuticals, Inc. (IONS) Shares Gap Down Following Insider Selling

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS)’s share price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $59.90, but opened at $57.76. Ionis Pharmaceuticals shares last traded at $54.30, with a volume of 1075250 shares trading hands.

Specifically, SVP Patrick R. O’neil sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $58.35, for a total transaction of $58,350.00. Following the completion of the sale, the senior vice president now owns 11,433 shares in the company, valued at $667,115.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Stanley T. Crooke sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $52.89, for a total transaction of $1,454,475.00. The disclosure for this sale can be found here. Insiders have sold 98,636 shares of company stock valued at $5,723,915 in the last 90 days. 2.13% of the stock is currently owned by corporate insiders.

A number of equities analysts have weighed in on IONS shares. Zacks Investment Research upgraded shares of Ionis Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $62.00 target price for the company in a research report on Friday, October 27th. Needham & Company LLC reiterated a “buy” rating and set a $64.00 target price on shares of Ionis Pharmaceuticals in a research report on Tuesday, October 17th. Stifel Nicolaus reiterated a “hold” rating and set a $50.00 target price on shares of Ionis Pharmaceuticals in a research report on Friday, October 13th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and set a $30.00 target price on shares of Ionis Pharmaceuticals in a research report on Friday, October 6th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $69.00 target price on shares of Ionis Pharmaceuticals in a research report on Monday, October 2nd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Ionis Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $49.64.

The stock has a market cap of $6.74 billion, a P/E ratio of 246.76 and a beta of 2.89. The company has a debt-to-equity ratio of 2.47, a current ratio of 5.03 and a quick ratio of 5.00.

Ionis Pharmaceuticals (NASDAQ:IONS) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The business had revenue of $104.15 million for the quarter, compared to analysts’ expectations of $93.29 million. Ionis Pharmaceuticals had a return on equity of 15.52% and a net margin of 5.25%. The company’s revenue was up 170.7% compared to the same quarter last year. During the same period last year, the business posted ($0.47) earnings per share. analysts expect that Ionis Pharmaceuticals, Inc. will post -0.13 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC raised its stake in shares of Ionis Pharmaceuticals by 62.8% during the second quarter. Parallel Advisors LLC now owns 2,073 shares of the company’s stock worth $109,000 after acquiring an additional 800 shares in the last quarter. Hanseatic Management Services Inc. raised its stake in shares of Ionis Pharmaceuticals by 1.2% during the second quarter. Hanseatic Management Services Inc. now owns 3,481 shares of the company’s stock worth $177,000 after acquiring an additional 41 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Ionis Pharmaceuticals by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 3,744 shares of the company’s stock worth $190,000 after acquiring an additional 311 shares in the last quarter. WFG Advisors LP raised its stake in shares of Ionis Pharmaceuticals by 77.2% during the second quarter. WFG Advisors LP now owns 3,800 shares of the company’s stock worth $193,000 after acquiring an additional 1,655 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of Ionis Pharmaceuticals during the second quarter worth approximately $222,000. 89.01% of the stock is currently owned by hedge funds and other institutional investors.

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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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