Wells Fargo & Co Raises Ionis Pharmaceuticals (NASDAQ:IONS) Price Target to $120.00

Ionis Pharmaceuticals (NASDAQ:IONS) had its target price hoisted by Wells Fargo & Co from $90.00 to $120.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “outperform” rating on the stock. Wells Fargo & Co‘s price objective suggests a potential upside of 95.41% from the stock’s previous close.

A number of other equities analysts have also weighed in on IONS. BMO Capital Markets lowered their target price on Ionis Pharmaceuticals from $96.00 to $95.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Sanford C. Bernstein raised Ionis Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research report on Tuesday, September 10th. TheStreet lowered Ionis Pharmaceuticals from a “b-” rating to a “c” rating in a research report on Thursday, August 8th. BidaskClub raised Ionis Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Evercore ISI set a $76.00 target price on Ionis Pharmaceuticals and gave the stock a “hold” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $76.20.

IONS traded up $1.67 during trading on Thursday, hitting $61.41. The company’s stock had a trading volume of 8,141 shares, compared to its average volume of 1,024,001. Ionis Pharmaceuticals has a twelve month low of $43.27 and a twelve month high of $86.58. The company has a quick ratio of 9.93, a current ratio of 10.01 and a debt-to-equity ratio of 0.45. The stock’s fifty day moving average price is $62.81 and its 200-day moving average price is $67.97. The firm has a market capitalization of $8.60 billion, a P/E ratio of 20.78 and a beta of 1.95.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its earnings results on Wednesday, August 7th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.26. Ionis Pharmaceuticals had a return on equity of 38.70% and a net margin of 49.90%. The company had revenue of $164.00 million for the quarter, compared to analyst estimates of $145.31 million. During the same period in the prior year, the firm earned ($0.29) earnings per share. Ionis Pharmaceuticals’s revenue for the quarter was up 39.0% on a year-over-year basis. Equities research analysts expect that Ionis Pharmaceuticals will post -0.02 EPS for the current fiscal year.

In related news, CEO Stanley T. Crooke sold 10,000 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $70.25, for a total transaction of $702,500.00. Following the completion of the sale, the chief executive officer now owns 79,634 shares in the company, valued at $5,594,288.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Stanley T. Crooke sold 22,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $71.52, for a total value of $1,573,440.00. Following the sale, the chairman now owns 79,634 shares of the company’s stock, valued at approximately $5,695,423.68. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.

A number of institutional investors have recently made changes to their positions in IONS. Invesco Ltd. grew its holdings in Ionis Pharmaceuticals by 2,754.9% during the second quarter. Invesco Ltd. now owns 2,271,539 shares of the company’s stock worth $145,992,000 after buying an additional 2,191,974 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Ionis Pharmaceuticals during the second quarter worth $112,814,000. BlackRock Inc. grew its holdings in Ionis Pharmaceuticals by 15.5% during the second quarter. BlackRock Inc. now owns 8,802,576 shares of the company’s stock worth $565,743,000 after buying an additional 1,181,004 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Ionis Pharmaceuticals by 357.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 805,100 shares of the company’s stock worth $51,744,000 after buying an additional 629,275 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Ionis Pharmaceuticals by 3,803.9% during the second quarter. Nuveen Asset Management LLC now owns 482,909 shares of the company’s stock worth $31,037,000 after buying an additional 470,539 shares in the last quarter. Institutional investors and hedge funds own 89.05% 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; and TEGSEDI, an injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults.

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Analyst Recommendations for Ionis Pharmaceuticals (NASDAQ:IONS)

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