Bank of America Corp DE Trims Stake in Ionis Pharmaceuticals Inc (NASDAQ:IONS)

Bank of America Corp DE cut its position in Ionis Pharmaceuticals Inc (NASDAQ:IONS) by 0.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 740,005 shares of the company’s stock after selling 5,570 shares during the period. Bank of America Corp DE owned about 0.53% of Ionis Pharmaceuticals worth $43,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Ionis Pharmaceuticals by 2.1% during the second quarter. Vanguard Group Inc. now owns 12,306,251 shares of the company’s stock valued at $725,576,000 after purchasing an additional 252,690 shares during the last quarter. Clearbridge Investments LLC lifted its position in Ionis Pharmaceuticals by 1.1% during the first quarter. Clearbridge Investments LLC now owns 8,034,264 shares of the company’s stock valued at $379,860,000 after purchasing an additional 86,688 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ionis Pharmaceuticals by 3.3% in the 1st quarter. Geode Capital Management LLC now owns 1,491,065 shares of the company’s stock worth $70,439,000 after acquiring an additional 47,323 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Ionis Pharmaceuticals by 38.1% in the 2nd quarter. First Trust Advisors LP now owns 1,315,207 shares of the company’s stock worth $77,545,000 after acquiring an additional 362,734 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Ionis Pharmaceuticals by 6.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 763,778 shares of the company’s stock worth $45,032,000 after acquiring an additional 44,028 shares during the last quarter. 85.39% of the stock is owned by hedge funds and other institutional investors.

Shares of IONS opened at $52.93 on Wednesday. The stock has a market capitalization of $7.39 billion, a PE ratio of 60.15 and a beta of 1.52. Ionis Pharmaceuticals Inc has a 1 year low of $39.32 and a 1 year high of $66.25. The company has a debt-to-equity ratio of 0.50, a quick ratio of 10.84 and a current ratio of 10.94. The company’s 50-day simple moving average is $54.65 and its 200-day simple moving average is $54.89.

Ionis Pharmaceuticals (NASDAQ:IONS) last released its earnings results on Wednesday, August 5th. The company reported ($0.23) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.28) by $0.05. Ionis Pharmaceuticals had a net margin of 13.81% and a return on equity of 10.27%. The firm had revenue of $146.00 million for the quarter, compared to analyst estimates of $148.87 million. During the same period in the prior year, the firm earned ($0.01) earnings per share. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. On average, sell-side analysts predict that Ionis Pharmaceuticals Inc will post -0.57 earnings per share for the current year.

Several research analysts recently commented on IONS shares. Benchmark started coverage on shares of Ionis Pharmaceuticals in a research note on Wednesday, September 2nd. They issued a “hold” rating on the stock. JPMorgan Chase & Co. initiated coverage on shares of Ionis Pharmaceuticals in a research report on Monday. They set a “neutral” rating on the stock. SVB Leerink lifted their price objective on shares of Ionis Pharmaceuticals from $54.00 to $56.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 1st. Citigroup cut their price objective on shares of Ionis Pharmaceuticals from $74.00 to $78.00 in a research report on Tuesday, September 8th. Finally, Morgan Stanley cut their price objective on shares of Ionis Pharmaceuticals from $56.00 to $54.00 and set an “underweight” rating on the stock in a research report on Thursday, August 6th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $71.21.

In other Ionis Pharmaceuticals news, Chairman Stanley T. Crooke sold 10,000 shares of the stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $58.33, for a total value of $583,300.00. Following the transaction, the chairman now directly owns 26,935 shares in the company, valued at $1,571,118.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP C Frank Bennett sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $59.77, for a total transaction of $896,550.00. Following the completion of the transaction, the executive vice president now owns 47,364 shares in the company, valued at $2,830,946.28. The disclosure for this sale can be found here. Insiders have sold 55,314 shares of company stock worth $3,272,112 over the last 90 days. Insiders own 2.67% 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; and TEGSEDI, an injection for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults.

Further Reading: Trade War

Institutional Ownership by Quarter for Ionis Pharmaceuticals (NASDAQ:IONS)

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