C WorldWide Group Holding A S has increased its investment in Ionis Pharmaceuticals, Inc. by 12.5% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 450,000 shares of Ionis stock, valued at approximately $17.78 million following the acquisition of an additional 50,000 shares during this period.
Several other institutional investors have also adjusted their positions in Ionis Pharmaceuticals. Notably, Signaturefd LLC boosted its holdings by 45.6% in the first quarter, owning 1,382 shares valued at $42,000 after adding 433 shares. Parallel Advisors LLC significantly increased its stake by 151.3% in the second quarter, now holding 1,872 shares valued at $74,000. Other firms, including Ancora Advisors LLC and CWM LLC, have also expanded their investments in the company, reflecting a broader interest among institutional investors. Currently, institutional ownership stands at a substantial 93.86%.
Analysts Adjust Ratings for Ionis Pharmaceuticals
Ionis Pharmaceuticals has recently attracted attention from analysts, leading to several changes in stock ratings. Bank of America raised its price target from $81.00 to $83.00, maintaining a “buy” rating. Similarly, the Goldman Sachs Group upgraded its rating from “sell” to “neutral,” increasing its price target from $45.00 to $65.00.
In contrast, Wall Street Zen downgraded the stock from a “buy” rating to a “hold” on November 1, 2023. Cowen set a target price of $99.00, while Citigroup increased its price target from $69.00 to $84.00, affirming a “buy” rating. Overall, the consensus among analysts is categorized as a “Moderate Buy,” with an average target price of $83.65 according to MarketBeat.com.
Insider Transactions and Stock Performance
Recent insider transactions have also been notable. On September 3, 2023, Executive Vice President C. Frank Bennett sold 33,909 shares for an average price of $60.62, totaling approximately $2.06 million. Following this sale, Bennett’s remaining shares were valued at around $6.16 million. The transaction represented a 25.03% decrease in his holdings.
CEO Brett P. Monia sold 203,814 shares the same day, generating about $12.29 million at an average price of $60.32. This sale reduced his holdings by 53.10%, leaving him with 180,009 shares valued at approximately $10.86 million. In total, insiders have sold 882,150 shares worth over $56 million in the past ninety days, indicating a significant level of trading activity.
As of the latest trading session, shares of Ionis Pharmaceuticals opened at $74.68. Over the past year, the stock has fluctuated between a low of $23.95 and a high of $75.49. The company currently holds a market capitalization of $12.10 billion and has a price-to-earnings ratio of -44.19.
Ionis Pharmaceuticals announced its quarterly earnings results on October 29, 2023. The company reported an earnings per share (EPS) of ($0.80), surpassing the consensus estimate of ($1.15) by $0.35. Revenue for the quarter reached $157 million, exceeding analyst estimates of $131.75 million, and reflecting a year-over-year growth of 17.2%.
Ionis Pharmaceuticals is known for its development of RNA-targeted therapeutics, including SPINRAZA for spinal muscular atrophy, TEGSEDI for hereditary transthyretin amyloidosis, and WAYLIVRA for familial chylomicronemia syndrome. As the company continues to evolve, the investments and interest from institutional investors and analysts alike suggest a keen focus on its future performance in the biotechnology sector.
