Short Interest in Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) Grows By 8.8%

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 10,740,000 shares, a growth of 8.8% from the October 15th total of 9,870,000 shares. Based on an average trading volume of 1,540,000 shares, the days-to-cover ratio is presently 7.0 days. Currently, 7.4% of the shares of the stock are sold short.

Ionis Pharmaceuticals Stock Down 1.8 %

Shares of NASDAQ:IONS traded down $0.61 during midday trading on Monday, reaching $33.73. The company’s stock had a trading volume of 1,718,971 shares, compared to its average volume of 1,319,061. The company has a quick ratio of 8.82, a current ratio of 8.91 and a debt-to-equity ratio of 1.86. The firm has a 50 day moving average of $39.62 and a 200-day moving average of $42.76. The firm has a market capitalization of $5.33 billion, a P/E ratio of -14.07 and a beta of 0.39. Ionis Pharmaceuticals has a 12-month low of $33.63 and a 12-month high of $54.44.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on IONS shares. Leerink Partnrs upgraded shares of Ionis Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 price objective on shares of Ionis Pharmaceuticals in a report on Thursday, September 26th. The Goldman Sachs Group increased their target price on Ionis Pharmaceuticals from $33.00 to $37.00 and gave the company a “sell” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on Ionis Pharmaceuticals from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Finally, TD Cowen increased their price objective on Ionis Pharmaceuticals from $54.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Ionis Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $60.65.

Insider Activity at Ionis Pharmaceuticals

In other news, CEO Brett P. Monia sold 6,630 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $38.05, for a total transaction of $252,271.50. Following the sale, the chief executive officer now owns 167,393 shares in the company, valued at approximately $6,369,303.65. This trade represents a 3.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Eric Swayze sold 1,194 shares of Ionis Pharmaceuticals stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $37.92, for a total value of $45,276.48. Following the sale, the executive vice president now directly owns 33,713 shares of the company’s stock, valued at approximately $1,278,396.96. This trade represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,197 shares of company stock valued at $315,310. Corporate insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in Ionis Pharmaceuticals by 83.9% during the 3rd quarter. GAMMA Investing LLC now owns 664 shares of the company’s stock valued at $27,000 after purchasing an additional 303 shares in the last quarter. nVerses Capital LLC purchased a new stake in Ionis Pharmaceuticals during the 2nd quarter valued at $29,000. Itau Unibanco Holding S.A. bought a new stake in shares of Ionis Pharmaceuticals in the 2nd quarter worth $37,000. Mather Group LLC. raised its stake in shares of Ionis Pharmaceuticals by 35.8% in the second quarter. Mather Group LLC. now owns 911 shares of the company’s stock worth $39,000 after purchasing an additional 240 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Ionis Pharmaceuticals during the third quarter valued at $40,000. Institutional investors own 93.86% of the company’s stock.

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.