Ionis Pharmaceuticals (NASDAQ:IONS) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Ionis Pharmaceuticals (NASDAQ:IONS) in a research report sent to investors on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a $70.00 price target on the stock.

IONS has been the topic of several other research reports. Guggenheim dropped their price objective on shares of Ionis Pharmaceuticals from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. StockNews.com downgraded Ionis Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, November 12th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Ionis Pharmaceuticals in a research note on Friday, December 20th. Piper Sandler reduced their price target on shares of Ionis Pharmaceuticals from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Thursday, November 14th. Finally, William Blair reaffirmed an “outperform” rating on shares of Ionis Pharmaceuticals in a report on Friday, December 20th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.65.

Ionis Pharmaceuticals Stock Performance

Ionis Pharmaceuticals stock opened at $33.21 on Wednesday. Ionis Pharmaceuticals has a 12 month low of $32.61 and a 12 month high of $53.17. The company has a fifty day moving average price of $35.91 and a two-hundred day moving average price of $41.34. The company has a quick ratio of 8.82, a current ratio of 8.91 and a debt-to-equity ratio of 1.86.

Insider Activity at Ionis Pharmaceuticals

In related news, EVP Eric Swayze sold 1,194 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $37.92, for a total transaction of $45,276.48. Following the completion of the transaction, the executive vice president now directly owns 33,713 shares in the company, valued at $1,278,396.96. This represents a 3.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brett P. Monia sold 6,630 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $38.05, for a total transaction of $252,271.50. Following the transaction, the chief executive officer now owns 167,393 shares in the company, valued at approximately $6,369,303.65. The trade was a 3.81 % decrease in their position. The disclosure for this sale can be found here. 2.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ionis Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the company. Great Point Partners LLC bought a new stake in shares of Ionis Pharmaceuticals during the second quarter valued at approximately $15,728,000. International Assets Investment Management LLC raised its stake 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 last quarter. Logos Global Management LP bought a new stake in shares of Ionis Pharmaceuticals during the second quarter valued at approximately $14,298,000. Baker BROS. Advisors LP acquired a new stake in shares of Ionis Pharmaceuticals in the third quarter valued at approximately $8,952,000. Finally, Geode Capital Management LLC increased its holdings in shares of Ionis Pharmaceuticals by 7.4% in the third quarter. Geode Capital Management LLC now owns 2,668,358 shares of the company’s stock valued at $106,922,000 after purchasing an additional 183,814 shares in the last quarter. 93.86% of the stock is owned by institutional investors and hedge funds.

Ionis Pharmaceuticals Company Profile

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.