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Director Joseph H Wender of Ionis Pharmaceuticals INC (NASDAQ:IONS) sold a total of 28,000 shares of common stock for approximately $1.6 million. The sales occurred in multiple transactions between September 2nd and September 3rd, with prices ranging from $55.0386 to $60.1383. The timing is notable as InvestingPro data shows the stock has surged 39.2% in the past week and is currently trading near its 52-week high of $62.08.
On September 2, Wender sold 11,200 shares at a weighted average price of $55.0386, for a total of $616,432. The prices for these shares ranged from $55.000 to $55.180. On the same day, he also sold 5,600 shares at a weighted average price of $57.5311, totaling $322,174. These shares were sold in a price range between $57.500 and $57.575. The following day, September 3, Wender sold another 11,200 shares at a weighted average price of $60.1383, for a total of $673,549. The prices for these shares ranged from $60.00 to $60.53. The company, currently valued at $9.47 billion, maintains strong liquidity with a current ratio of 2.87.
The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 16, 2024. Following these transactions, Wender still indirectly owns 108,835 shares of Ionis Pharmaceuticals INC through a trust. For deeper insights into insider trading patterns and comprehensive financial analysis, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, Ionis Pharmaceuticals has made significant strides with its drug development, drawing attention from several analyst firms. The company announced positive Phase 3 trial results for its triglyceride-lowering drug, Olezarsen, which demonstrated statistically significant benefits, including a reduction in acute pancreatitis risk. This development led Bernstein SocGen Group to describe the results as exceeding high expectations. Following these results, RBC Capital raised its price target for Ionis Pharmaceuticals to $80, maintaining an Outperform rating, while H.C. Wainwright increased its target to $95, citing strong triglyceride reductions in pivotal studies. Oppenheimer also raised its price target to $81, maintaining an Outperform rating due to the promising trial outcomes. Additionally, BMO Capital upgraded the stock from Market Perform to Outperform, highlighting the blockbuster potential of Olezarsen. These upgrades and increased price targets reflect growing confidence in Ionis Pharmaceuticals’ ability to capitalize on its recent clinical successes.
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