Wells Fargo & Company Cuts Ionis Pharmaceuticals (NASDAQ:IONS) Price Target to $82.00

Ionis Pharmaceuticals (NASDAQ:IONS) had its target price cut by investment analysts at Wells Fargo & Company from $85.00 to $82.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 107.75% from the stock’s previous close.

A number of other research firms also recently weighed in on IONS. Piper Sandler lifted their price target on Ionis Pharmaceuticals from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, February 22nd. William Blair restated an “outperform” rating on shares of Ionis Pharmaceuticals in a research note on Tuesday, April 9th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Ionis Pharmaceuticals in a research note on Wednesday. Royal Bank of Canada lifted their price target on Ionis Pharmaceuticals from $65.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. Finally, Oppenheimer lifted their price target on Ionis Pharmaceuticals from $72.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.54.

Ionis Pharmaceuticals Trading Down 1.7 %

Shares of IONS stock opened at $39.47 on Wednesday. The business’s 50 day moving average is $42.62 and its two-hundred day moving average is $46.82. Ionis Pharmaceuticals has a twelve month low of $34.99 and a twelve month high of $54.44. The company has a market capitalization of $5.75 billion, a P/E ratio of -15.42 and a beta of 0.41. The company has a current ratio of 5.90, a quick ratio of 5.83 and a debt-to-equity ratio of 3.18.

Ionis Pharmaceuticals (NASDAQ:IONS) last announced its earnings results on Tuesday, May 7th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.10) by $0.12. Ionis Pharmaceuticals had a negative return on equity of 90.29% and a negative net margin of 46.32%. The company had revenue of $119.00 million for the quarter, compared to the consensus estimate of $131.42 million. During the same period last year, the business posted ($0.87) EPS. The company’s revenue was down 9.2% on a year-over-year basis. Equities analysts forecast that Ionis Pharmaceuticals will post -3.76 EPS for the current year.

Insider Transactions at Ionis Pharmaceuticals

In other news, Director Joseph Klein III sold 6,000 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $42.71, for a total value of $256,260.00. Following the completion of the transaction, the director now directly owns 16,346 shares of the company’s stock, valued at $698,137.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Joseph Baroldi sold 4,006 shares of Ionis Pharmaceuticals stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $41.60, for a total value of $166,649.60. Following the completion of the sale, the executive vice president now owns 19,631 shares of the company’s stock, valued at $816,649.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Klein III sold 6,000 shares of Ionis Pharmaceuticals stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $42.71, for a total value of $256,260.00. Following the completion of the sale, the director now directly owns 16,346 shares of the company’s stock, valued at approximately $698,137.66. The disclosure for this sale can be found here. Insiders sold a total of 10,393 shares of company stock valued at $440,127 over the last three months. 2.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC purchased a new stake in shares of Ionis Pharmaceuticals in the fourth quarter valued at $26,000. Pingora Partners LLC purchased a new stake in shares of Ionis Pharmaceuticals in the fourth quarter valued at $25,000. Mather Group LLC. purchased a new stake in Ionis Pharmaceuticals during the first quarter valued at about $29,000. Tennessee Valley Asset Management Partners purchased a new stake in Ionis Pharmaceuticals during the fourth quarter valued at about $34,000. Finally, Peoples Bank KS purchased a new stake in Ionis Pharmaceuticals during the third quarter valued at about $39,000. Hedge funds and other institutional investors own 93.86% of the company’s stock.

About Ionis Pharmaceuticals

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.