PNC Financial Services Group Inc. Lowers Holdings in Ionis Pharmaceuticals, Inc. (NASDAQ:IONS)

Posted by on Jun 6th, 2023

PNC Financial Services Group Inc. decreased its holdings in Ionis Pharmaceuticals, Inc. (NASDAQ:IONS – Get Rating) by 5.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,267 shares of the company’s stock after selling 562 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Ionis Pharmaceuticals were worth $350,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Captrust Financial Advisors lifted its stake in shares of Ionis Pharmaceuticals by 21.1% in the 2nd quarter. Captrust Financial Advisors now owns 1,429 shares of the company’s stock valued at $53,000 after purchasing an additional 249 shares in the last quarter. Lincoln National Corp lifted its position in Ionis Pharmaceuticals by 2.1% during the 4th quarter. Lincoln National Corp now owns 13,099 shares of the company’s stock worth $495,000 after acquiring an additional 269 shares in the last quarter. Delphia USA Inc. lifted its position in Ionis Pharmaceuticals by 3.1% during the 3rd quarter. Delphia USA Inc. now owns 9,597 shares of the company’s stock worth $424,000 after acquiring an additional 286 shares in the last quarter. Commerce Bank lifted its position in Ionis Pharmaceuticals by 4.2% during the 4th quarter. Commerce Bank now owns 7,742 shares of the company’s stock worth $292,000 after acquiring an additional 311 shares in the last quarter. Finally, Profund Advisors LLC lifted its position in Ionis Pharmaceuticals by 2.4% during the 4th quarter. Profund Advisors LLC now owns 15,845 shares of the company’s stock worth $598,000 after acquiring an additional 368 shares in the last quarter. Hedge funds and other institutional investors own 87.32% of the company’s stock.

Ionis Pharmaceuticals Stock Performance

Shares of NASDAQ IONS opened at $42.26 on Tuesday. The company has a debt-to-equity ratio of 2.42, a quick ratio of 9.72 and a current ratio of 9.81. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of -18.29 and a beta of 0.53. The business’s 50-day simple moving average is $37.26 and its 200-day simple moving average is $37.90. Ionis Pharmaceuticals, Inc. has a 52 week low of $32.69 and a 52 week high of $48.82.

Ionis Pharmaceuticals (NASDAQ:IONS – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The company reported ($0.87) EPS for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.13. The business had revenue of $131.00 million for the quarter, compared to analyst estimates of $126.88 million. Ionis Pharmaceuticals had a negative return on equity of 57.58% and a negative net margin of 56.85%. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.46) EPS. As a group, equities research analysts expect that Ionis Pharmaceuticals, Inc. will post -3.54 earnings per share for the current fiscal year.

Insider Activity at Ionis Pharmaceuticals

In related news, EVP Patrick R. O’neil sold 1,527 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $41.70, for a total transaction of $63,675.90. Following the completion of the sale, the executive vice president now owns 40,355 shares in the company, valued at approximately $1,682,803.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Patrick R. O’neil sold 1,527 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $41.70, for a total transaction of $63,675.90. Following the completion of the sale, the executive vice president now owns 40,355 shares in the company, valued at approximately $1,682,803.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brett P. Monia sold 4,931 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $40.14, for a total value of $197,930.34. Following the sale, the chief executive officer now owns 140,374 shares of the company’s stock, valued at approximately $5,634,612.36. The disclosure for this sale can be found here. Insiders sold a total of 7,130 shares of company stock worth $286,134 in the last 90 days. 2.36% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IONS shares. Sanford C. Bernstein began coverage on Ionis Pharmaceuticals in a research report on Tuesday, March 21st. They issued an “underperform” rating and a $31.00 target price on the stock. Barclays reduced their price target on Ionis Pharmaceuticals from $40.00 to $37.00 in a research report on Thursday, May 4th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Ionis Pharmaceuticals in a report on Thursday, February 23rd. BMO Capital Markets cut their price objective on Ionis Pharmaceuticals from $70.00 to $67.00 and set an “outperform” rating for the company in a report on Thursday, February 23rd. Finally, StockNews.com assumed coverage on Ionis Pharmaceuticals in a report on Thursday, May 18th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Ionis Pharmaceuticals presently has an average rating of “Hold” and an average target price of $46.64.

Ionis Pharmaceuticals Company Profile

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Ionis Pharmaceuticals, Inc engages in the development and commercialization of human therapeutic drugs using antisense technology. It operates through the Ionis Core segment. The Ionis Core segment exploits a novel drug discovery platform to generate a pipeline of drugs. The company was founded by Stanley T.

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

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