Ionis Pharmaceuticals (NASDAQ:IONS) Shares Gap Down - What's Next?

Ionis Pharmaceuticals, Inc. (NASDAQ:IONS - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $33.32, but opened at $32.50. Ionis Pharmaceuticals shares last traded at $32.25, with a volume of 130,749 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Guggenheim dropped their target price 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. Wells Fargo & Company cut their price objective on Ionis Pharmaceuticals from $82.00 to $77.00 and set an "overweight" rating for the company in a research report on Thursday, November 7th. William Blair reaffirmed an "outperform" rating on shares of Ionis Pharmaceuticals in a research report on Friday, December 20th. Royal Bank of Canada reiterated an "outperform" rating and set a $70.00 target price on shares of Ionis Pharmaceuticals in a research report on Wednesday, January 15th. Finally, Piper Sandler dropped their target price on Ionis Pharmaceuticals from $65.00 to $62.00 and set an "overweight" rating on the stock in a report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.65.

Ionis Pharmaceuticals Trading Down 1.5 %

The company has a quick ratio of 8.82, a current ratio of 8.91 and a debt-to-equity ratio of 1.86. The firm has a market capitalization of $5.00 billion, a PE ratio of -12.97 and a beta of 0.35. The business's fifty day moving average price is $35.07 and its 200 day moving average price is $40.00.

Insider Activity

In other news, EVP Eric Swayze sold 1,194 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 33,713 shares in the company, valued at approximately $1,278,396.96. This trade represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brett P. Monia sold 6,630 shares of the company's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $38.05, for a total transaction of $252,271.50. Following the completion of the transaction, the chief executive officer now directly owns 167,393 shares of the company's stock, valued at approximately $6,369,303.65. The trade was a 3.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 73,425 shares of company stock valued at $2,438,097 in the last ninety days. Company insiders own 2.71% of the company's stock.

Hedge Funds Weigh In On Ionis Pharmaceuticals

A number of large investors have recently bought and sold shares of IONS. Geode Capital Management LLC raised its holdings in shares of Ionis Pharmaceuticals by 7.4% during the third quarter. Geode Capital Management LLC now owns 2,668,358 shares of the company's stock valued at $106,922,000 after buying an additional 183,814 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Ionis Pharmaceuticals by 967.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 141,917 shares of the company's stock worth $4,961,000 after purchasing an additional 128,619 shares during the period. SG Americas Securities LLC grew its position in Ionis Pharmaceuticals by 222.5% in the 4th quarter. SG Americas Securities LLC now owns 23,927 shares of the company's stock valued at $836,000 after buying an additional 16,508 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Ionis Pharmaceuticals by 8.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,443,020 shares of the company's stock valued at $57,807,000 after buying an additional 114,914 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Ionis Pharmaceuticals by 13.6% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 650,779 shares of the company's stock worth $26,070,000 after buying an additional 77,909 shares in the last quarter. Institutional investors own 93.86% 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; 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.