Ionis Pharmaceuticals (NASDAQ:IONS) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Ionis Pharmaceuticals (NASDAQ:IONS - Free Report) in a report issued on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $70.00 price target on the stock.

Other analysts have also recently issued reports about the company. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price objective on shares of Ionis Pharmaceuticals in a research note on Friday, December 20th. Wells Fargo & Company decreased their price target on Ionis Pharmaceuticals from $82.00 to $77.00 and set an "overweight" rating on the stock in a research note on Thursday, November 7th. Guggenheim lowered their price target on shares of Ionis Pharmaceuticals from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, October 9th. Piper Sandler dropped their price objective on Ionis Pharmaceuticals from $65.00 to $62.00 and set an "overweight" rating for the company in a report on Thursday, November 14th. Finally, StockNews.com lowered shares of Ionis Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Ionis Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.65.

Ionis Pharmaceuticals Price Performance

Ionis Pharmaceuticals stock traded up $0.52 during midday trading on Wednesday, reaching $33.21. The company had a trading volume of 1,720,212 shares, compared to its average volume of 1,429,235. The firm's fifty day simple moving average is $36.03 and its 200-day simple moving average is $41.40. The company has a market capitalization of $5.24 billion, a P/E ratio of -13.61 and a beta of 0.35. The company has a debt-to-equity ratio of 1.86, a current ratio of 8.91 and a quick ratio of 8.82. Ionis Pharmaceuticals has a 12-month low of $32.61 and a 12-month high of $53.17.

Insider Activity at Ionis Pharmaceuticals

In related news, Director Michael R. Hayden acquired 5,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were purchased at an average cost of $36.22 per share, with a total value of $181,100.00. Following the completion of the transaction, the director now owns 35,219 shares of the company's stock, valued at approximately $1,275,632.18. This trade represents a 16.55 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Eric Swayze sold 1,194 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $37.92, for a total value of $45,276.48. Following the completion of the transaction, the executive vice president now owns 33,713 shares in the company, valued at $1,278,396.96. This represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.71% of the company's stock.

Institutional Investors Weigh In On Ionis Pharmaceuticals

Several hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of Ionis Pharmaceuticals by 83.9% in the third 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. Itau Unibanco Holding S.A. acquired a new stake in shares of Ionis Pharmaceuticals during the 2nd quarter valued at about $37,000. Capital Performance Advisors LLP bought a new position in Ionis Pharmaceuticals during the third quarter worth about $40,000. Prospera Private Wealth LLC bought a new stake in shares of Ionis Pharmaceuticals in the 3rd quarter valued at approximately $42,000. Finally, Quantbot Technologies LP bought a new position in shares of Ionis Pharmaceuticals during the 3rd quarter worth approximately $51,000. 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.