Recent insider activity for Ionis Pharmaceuticals (IONS) shows significant selling. Patrick R. O'Neil, EVP CLO & General Counsel, sold 1,207 shares, representing 2.1% of his holdings. Over the past six months, there have been 30 insider trades, predominantly sales, indicating mixed sentiment among insiders. Institutional investors are also divided, with 170 increasing their positions and 210 reducing theirs.
The stock is currently trading at $32.5, with a Fibonacci pivot point at $32.91. Key resistance levels are at $34.45 and $35.39, while support levels are at $31.38 and $30.44. The RSI_14 is at 56.28, indicating a neutral position, while the MACD is slightly bullish with a value of 0.17.
IONS has a mixed valuation profile. The stock is trading below its average analyst price target of $62, suggesting potential upside. However, the recent decline of nearly 10% year-to-date and insider selling activity raises caution.
Based on the technical indicators and news sentiment, the stock is expected to face selling pressure in the next trading week. The price is likely to drop to the lower support level of $31.50.
Recommendation: Sell IONS at the current price of $32.5, with a target price of $31.50.
The price of IONS is predicted to go up 11.76%, based on the high correlation periods with DKNG. The similarity of these two price pattern on the periods is 92.27%.
IONS
DKNG
Ionis' antisense technology and intellectual property estate have allowed the firm to create an entirely new class of therapeutics for difficult-to-treat diseases.
Antisense therapeutics have the potential to gain access to well-studied targets in the cell that are currently deemed
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