By otakuyassine3@gmail.com 
Ionis Pharmaceuticals, Inc. (NASDAQ:IONS – Get Free Report) saw a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 10,450,000 shares, a drop of 5.4% from the November 15th total of 11,050,000 shares. Based on an average daily trading volume, of 1,700,000 shares, the days-to-cover ratio is presently 6.1 days. Approximately 7.2% of the company’s stock are short sold.
Insider Activity at Ionis Pharmaceuticals
In other news, CEO Brett P. Monia sold 6,630 shares of Ionis Pharmaceuticals stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $38.05, for a total value of $252,271.50. Following the transaction, the chief executive officer now directly owns 167,393 shares in the company, valued at approximately $6,369,303.65. This trade represents a 3.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Eric Swayze sold 1,194 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 33,713 shares of the company’s stock, valued at $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. Insiders have sold a total of 7,877 shares of company stock valued at $299,578 over the last ninety days. 2.71% of the stock is owned by company insiders.
Institutional Trading of Ionis Pharmaceuticals
A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Ionis Pharmaceuticals by 3.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,624 shares of the company’s stock worth $363,000 after acquiring an additional 261 shares in the last quarter. Nicollet Investment Management Inc. grew its holdings in Ionis Pharmaceuticals by 1.5% in the third quarter. Nicollet Investment Management Inc. now owns 20,402 shares of the company’s stock valued at $817,000 after purchasing an additional 294 shares during the period. Amalgamated Bank increased its position in shares of Ionis Pharmaceuticals by 3.1% in the third quarter. Amalgamated Bank now owns 9,957 shares of the company’s stock valued at $399,000 after buying an additional 300 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Ionis Pharmaceuticals by 83.9% during the 3rd quarter. GAMMA Investing LLC now owns 664 shares of the company’s stock valued at $27,000 after buying an additional 303 shares in the last quarter. Finally, Itau Unibanco Holding S.A. grew its stake in Ionis Pharmaceuticals by 40.9% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 1,081 shares of the company’s stock valued at $43,000 after acquiring an additional 314 shares during the period. 93.86% of the stock is owned by hedge funds and other institutional investors.
Ionis Pharmaceuticals Trading Down 3.8 %
Shares of NASDAQ:IONS opened at $36.25 on Thursday. The company has a current ratio of 8.91, a quick ratio of 8.82 and a debt-to-equity ratio of 1.86. Ionis Pharmaceuticals has a 12-month low of $33.33 and a 12-month high of $54.44. The business has a 50 day moving average of $37.52 and a two-hundred day moving average of $42.37. The company has a market capitalization of $5.72 billion, a PE ratio of -14.86 and a beta of 0.35.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. Guggenheim cut their price objective on shares of Ionis Pharmaceuticals from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price target on Ionis Pharmaceuticals from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Ionis Pharmaceuticals in a research report on Thursday, November 7th. Wells Fargo & Company dropped their target price 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. Finally, Piper Sandler decreased their price target on Ionis Pharmaceuticals from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Thursday, November 14th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ionis Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $60.65.
Get Our Latest Analysis on Ionis Pharmaceuticals
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.
Further Reading
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