Ionis Pharmaceuticals (NASDAQ:IONS) Hits New 1-Year High – Should You Buy?

Shares of Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $86.74 and last traded at $86.2210, with a volume of 319030 shares trading hands. The stock had previously closed at $84.99.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IONS. Bank of America upped their price objective on shares of Ionis Pharmaceuticals from $86.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Wall Street Zen downgraded Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ionis Pharmaceuticals in a report on Thursday, January 22nd. Leerink Partners lifted their price objective on Ionis Pharmaceuticals from $85.00 to $100.00 and gave the company an “outperform” rating in a research report on Monday, December 15th. Finally, Barclays assumed coverage on Ionis Pharmaceuticals in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $95.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $86.95.

Ionis Pharmaceuticals Price Performance

The stock has a 50-day simple moving average of $80.55 and a 200 day simple moving average of $67.69. The stock has a market capitalization of $14.01 billion, a P/E ratio of -51.18 and a beta of 0.29. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.78 and a current ratio of 2.79.

Insider Transactions at Ionis Pharmaceuticals

In other news, EVP Eugene Schneider sold 6,179 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $83.45, for a total value of $515,637.55. Following the transaction, the executive vice president owned 69,702 shares of the company’s stock, valued at approximately $5,816,631.90. This trade represents a 8.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brett P. Monia sold 62,970 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $82.72, for a total transaction of $5,208,878.40. Following the sale, the chief executive officer directly owned 283,927 shares of the company’s stock, valued at approximately $23,486,441.44. This trade represents a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 431,284 shares of company stock valued at $34,770,331. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ionis Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Ionis Pharmaceuticals during the 3rd quarter valued at $25,000. Golden State Wealth Management LLC grew its stake in shares of Ionis Pharmaceuticals by 198.4% during the third quarter. Golden State Wealth Management LLC now owns 376 shares of the company’s stock worth $25,000 after purchasing an additional 250 shares during the period. Mather Group LLC. bought a new stake in Ionis Pharmaceuticals in the third quarter valued at about $27,000. Allworth Financial LP increased its holdings in Ionis Pharmaceuticals by 231.8% in the second quarter. Allworth Financial LP now owns 740 shares of the company’s stock valued at $29,000 after purchasing an additional 517 shares during the last quarter. Finally, Quarry LP acquired a new position in Ionis Pharmaceuticals in the third quarter valued at about $38,000. 93.86% of the stock is owned by institutional investors.

About Ionis Pharmaceuticals

Ionis Pharmaceuticals, Inc is a biotechnology company focused on the discovery and development of RNA-targeted therapies designed to modulate gene expression. The company’s proprietary antisense oligonucleotide (ASO) technology enables the selective binding of short synthetic strands of nucleic acids to messenger RNA (mRNA), thereby inhibiting or altering the production of disease-causing proteins. Ionis’ pipeline spans a range of therapeutic areas, including neurological disorders, cardiovascular conditions, metabolic diseases and rare genetic disorders.

Since its founding in 1989 by Dr.