ISIS Pharmaceuticals, Inc. (ISIS) to Change Name to Ionis Pharmaceuticals For Obvious Reasons

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When ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) was founded, there wasn’t a terrorist organization making media headlines nightly with the same name. Today ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) announced that they will be changing their name to Ionis Pharmaceuticals, and their ticker to IONS. The company’s website will be able to be found at ionispharma.com. These changes will officially go into effect on December 22. While the Islamic State terrorist group was not mentioned by the company, Lynne Parshall, the company’s COO stated the following:

“Our goal is to create medicines that will save patients’ lives, and we are proud to be at the forefront of creating innovative medicines. We decided to change our company name because, when people see or hear our name, we want them to think about the life-saving medicines we are developing.”

The stock is down 0.50% or $0.29 following the news, hitting $57.91 per share. Approximately shares traded hands. ISIS shares have declined 6.95% since May 15, 2015 and are currently downtrending. It has underperformed the S&P500 by 4.69%.

From a total of 6 analysts covering ISIS Pharmaceuticals (NASDAQ:ISIS) stock, 4 rate it a “Buy”, 0 a “Sell”, and 2 a “Hold”. This means that 67% of the ratings are positive. The highest target price is $88 while the lowest target price is $58.21. The mean of all analyst targets is $71.55 which is 23.55% above today’s ($57.91) stock price. ISIS Pharmaceuticals was the topic of 6 analyst reports since September 8, 2015 according to the firm StockzIntelligence Inc. Wells Fargo initiated shares on December 4 with a “Outperform” rating. Vetr downgraded shares to a”Buy” rating and a $58.21 target share price in their report from a September 8. Needham maintained ISIS stock in a recent report from November 10 with a “Buy” rating. Finally, Barclays Capital initiated the stock with a “Equal Weight” rating in a report they issued on a September 22.

The institutional sentiment decreased to 0.8 in Q2 2015. It’s down 0.22, from 1.02 in 2015Q2. The ratio worsened, as 70 funds sold all their ISIS Pharmaceuticals, Inc. shares they owned while 102 reduced their positions. 37 funds bought stakes while 100 increased their total positions. Institutions now own 103.92 million shares which is 7.14% more than the previous share count of 96.99 million in 2015Q2.

Bb Biotech Ag holds 8.5% of its total portfolio in ISIS Pharmaceuticals, Inc., equating to 6.63 million shares. Dowling & Yahnke Llc owns 676,379 shares representing 3.72% of their total US portfolio. Moreover, William Harris Investors Inc has 3.31% of their total portfolio invested in the company, equating to 317,301 shares. The New York-based Opus Point Partners Management Llc has a total of 2.26% of their portfolio invested in the stock. Sound Energy Partners Inc., a Connecticut-based fund reported 25,000 shares owned.

Since March 9, 2015, the stock had 0 insider purchases, and 7 sales for a total of $3.87 million in net activity. Crooke Stanley T sold 44,000 shares worth $1.93 million. Parshall B Lynne sold 12,436 shares worth $506,747. Monia Brett P sold 198 shares worth $11,147. Muto Frederick T sold 10,000 shares worth $669,110. The insider Bennett C Frank sold 15,000 shares worth $1.06 million.

Isis Pharmaceuticals, Inc. is a Ribonucleic acid-targeted (RNA-targeted) drug discovery and development company. The company has a market cap of $7.09 billion. The Firm is focused to discover and develop antisense drugs. It has 521.24 P/E ratio. The antisense drugs are used to treat a range of diseases, including cardiovascular, metabolic, severe and rare diseases, including neurological disorders and cancer.

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