Ionis Pharmaceuticals (NASDAQ:IONS) Hits New 12-Month Low on Insider Selling

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) hit a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $35.37 and last traded at $35.51, with a volume of 248925 shares traded. The stock had previously closed at $37.23.

Specifically, CEO Brett P. Monia sold 6,630 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $38.05, for a total transaction of $252,271.50. Following the completion of the sale, the chief executive officer now owns 167,393 shares in the company, valued at $6,369,303.65. The trade was a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Eric Swayze sold 1,194 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $37.92, for a total value of $45,276.48. Following the completion of the sale, the executive vice president now 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 ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms have weighed in on IONS. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Ionis Pharmaceuticals in a research note on Thursday, November 7th. The Goldman Sachs Group upped their target price on Ionis Pharmaceuticals from $33.00 to $37.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on Ionis Pharmaceuticals from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. StockNews.com cut Ionis Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Piper Sandler cut their target price on Ionis Pharmaceuticals from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Ionis Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $60.65.

Ionis Pharmaceuticals Price Performance

The stock has a fifty day moving average of $39.87 and a two-hundred day moving average of $42.80. The company has a quick ratio of 8.82, a current ratio of 8.91 and a debt-to-equity ratio of 1.86.

Institutional Trading of Ionis Pharmaceuticals

A number of institutional investors have recently bought and sold shares of IONS. Great Point Partners LLC bought a new stake in Ionis Pharmaceuticals during the second quarter valued at $15,728,000. International Assets Investment Management LLC boosted its position in Ionis Pharmaceuticals by 3,287.0% during the third quarter. International Assets Investment Management LLC now owns 328,772 shares of the company’s stock valued at $13,171,000 after acquiring an additional 319,065 shares during the last quarter. Logos Global Management LP bought a new stake in Ionis Pharmaceuticals during the second quarter valued at $14,298,000. Zimmer Partners LP bought a new stake in Ionis Pharmaceuticals during the first quarter valued at $11,718,000. Finally, Baker BROS. Advisors LP bought a new stake in Ionis Pharmaceuticals during the third quarter valued at $8,952,000. 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.