Ionis Pharmaceuticals (NASDAQ:IONS) Shares Gap Up to $42.20

Ionis Pharmaceuticals, Inc. (NASDAQ:IONSGet Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $42.20, but opened at $43.76. Ionis Pharmaceuticals shares last traded at $42.46, with a volume of 491 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. StockNews.com started coverage on shares of Ionis Pharmaceuticals in a research report on Wednesday, October 12th. They set a “hold” rating for the company. SVB Leerink lowered their price objective on Ionis Pharmaceuticals from $30.00 to $26.00 and set a “market perform” rating for the company in a research report on Thursday, November 10th. Citigroup upped their target price on Ionis Pharmaceuticals from $28.00 to $31.00 and gave the company a “sell” rating in a research report on Thursday, November 10th. Barclays lifted their target price on Ionis Pharmaceuticals to $44.00 in a report on Tuesday, November 15th. Finally, Piper Sandler boosted their price target on Ionis Pharmaceuticals from $58.00 to $60.00 in a research note on Wednesday, November 9th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.80.

Ionis Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 2.10, a current ratio of 7.59 and a quick ratio of 7.52. The company has a fifty day moving average price of $44.29 and a 200 day moving average price of $41.11. The stock has a market cap of $5.86 billion, a P/E ratio of -343.72 and a beta of 0.55.

Institutional Trading of Ionis Pharmaceuticals

Several hedge funds have recently bought and sold shares of IONS. Almanack Investment Partners LLC. bought a new position in shares of Ionis Pharmaceuticals in the third quarter valued at $44,000. Nomura Holdings Inc. raised its holdings in shares of Ionis Pharmaceuticals by 3.2% in the 3rd quarter. Nomura Holdings Inc. now owns 387,908 shares of the company’s stock worth $17,149,000 after acquiring an additional 11,931 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Ionis Pharmaceuticals by 1.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 76,123 shares of the company’s stock valued at $3,367,000 after acquiring an additional 780 shares in the last quarter. Algert Global LLC boosted its stake in Ionis Pharmaceuticals by 144.7% during the 3rd quarter. Algert Global LLC now owns 60,937 shares of the company’s stock valued at $2,695,000 after purchasing an additional 36,037 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in Ionis Pharmaceuticals by 95.5% during the 3rd quarter. Trexquant Investment LP now owns 55,564 shares of the company’s stock worth $2,458,000 after purchasing an additional 27,141 shares in the last quarter. Institutional investors and hedge funds own 79.31% of the company’s stock.

About Ionis Pharmaceuticals

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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 injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults; and WAYLIVRA, a treatment for familial chylomicronemia syndrome and familial partial lipodystrophy.

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