Ionis Pharmaceuticals (NASDAQ:IONS) Stock Price Down 6% Following Insider Selling

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Shares of Ionis Pharmaceuticals Inc (NASDAQ:IONS) fell 6% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $67.80 and last traded at $67.85, 1,113,623 shares changed hands during mid-day trading. A decline of 6% from the average session volume of 1,190,039 shares. The stock had previously closed at $72.15.

Specifically, Chairman Stanley T. Crooke sold 22,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $71.52, for a total value of $1,573,440.00. Following the completion of the sale, the chairman now owns 79,634 shares in the company, valued at $5,695,423.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Stanley T. Crooke sold 10,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $70.25, for a total transaction of $702,500.00. Following the completion of the sale, the chief executive officer now owns 79,634 shares of the company’s stock, valued at approximately $5,594,288.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,210 shares of company stock valued at $4,224,284. 2.40% of the stock is owned by insiders.

A number of brokerages have issued reports on IONS. TheStreet cut shares of Ionis Pharmaceuticals from a “b-” rating to a “c” rating in a report on Thursday, August 8th. Zacks Investment Research cut shares of Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $68.00 target price on shares of Ionis Pharmaceuticals in a report on Wednesday, April 24th. BMO Capital Markets dropped their target price on shares of Ionis Pharmaceuticals from $96.00 to $95.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Finally, Piper Jaffray Companies set a $75.00 target price on shares of Ionis Pharmaceuticals and gave the company a “hold” rating in a report on Friday, May 24th. Nine investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Ionis Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $67.78.

The company has a quick ratio of 9.93, a current ratio of 10.01 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $9.98 billion, a PE ratio of 22.92 and a beta of 2.07. The stock’s fifty day simple moving average is $66.53 and its 200-day simple moving average is $68.92.

Ionis Pharmaceuticals (NASDAQ:IONS) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.26. Ionis Pharmaceuticals had a net margin of 49.90% and a return on equity of 38.70%. The business had revenue of $164.00 million during the quarter, compared to analysts’ expectations of $145.31 million. During the same period last year, the company posted ($0.29) EPS. The company’s revenue was up 39.0% on a year-over-year basis. Analysts expect that Ionis Pharmaceuticals Inc will post -0.07 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Buffington Mohr McNeal purchased a new position in shares of Ionis Pharmaceuticals during the 1st quarter worth approximately $28,000. Whittier Trust Co. increased its stake in shares of Ionis Pharmaceuticals by 283.0% during the 2nd quarter. Whittier Trust Co. now owns 383 shares of the company’s stock worth $25,000 after purchasing an additional 283 shares in the last quarter. CWM LLC increased its stake in shares of Ionis Pharmaceuticals by 361.4% during the 2nd quarter. CWM LLC now owns 406 shares of the company’s stock worth $26,000 after purchasing an additional 318 shares in the last quarter. First Interstate Bank purchased a new position in shares of Ionis Pharmaceuticals during the 1st quarter worth approximately $34,000. Finally, Ellis Investment Partners LLC purchased a new position in shares of Ionis Pharmaceuticals during the 2nd quarter worth approximately $32,000. 85.36% of the stock is owned by institutional investors and hedge funds.

About Ionis Pharmaceuticals (NASDAQ:IONS)

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; and TEGSEDI, an injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults.

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