ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) announced that the company has changed its name toIonis Pharmaceuticals, Inc. Ionis (pronounced “eye-OH-nis”) Pharmaceuticals is an original name that the Company has chosen to represent its innovative culture and heritage as both the pioneer and leader in the RNA-targeted therapeutic space for the past 26 years. Ionis is focused on bringing its late-stage Phase 3 drugs, nusinersen, volanesorsen and IONIS-TTRRx to the market and advancing its pipeline of high value drugs that have the potential to be first-in-class or best-in-class drugs to treat patients with life-threatening or serious diseases.
“Our goal is to create medicines that will save patients’ lives, and we are proud to be at the forefront of creating innovative medicines,” said Lynne Parshall, chief operating officer at Ionis Pharmaceuticals. “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.”
In conjunction with the corporate name change, the Company will trade on the NASDAQ Global Select Market under the new ticker symbol “IONS”. The new ticker symbol will become effective at the open of the market on December 22, 2015. (Original Source)
Shares of Isis Pharmaceuticals are down 0.34% to $58.01 in early morning trading. ISIS has a 1-year high of $77.80 and a 1-year low of $37.38. The stock’s 50-day moving average is $58.41 and its 200-day moving average is $54.11.
On the ratings front, ISIS has been the subject of a number of recent research reports. In a report issued on November 18, Goldman Sachs analyst Navdeep Singh assigned a Hold rating on ISIS, with a price target of $65, which represents a potential upside of 11.7% from where the stock is currently trading. Separately, on November 5, Piper Jaffray’s Joshua Schimmer upgraded the stock to Buy and has a price target of $80.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Navdeep Singh and Joshua Schimmer have a total average return of 15.9% and -2.4% respectively. Singh has a success rate of 70.4% and is ranked #424 out of 3643 analysts, while Schimmer has a success rate of 40.6% and is ranked #3199.
Isis Pharmaceuticals Inc is engaged in antisense drug discovery and development, exploiting a novel drug discovery platform it created to generate a broad pipeline of first-in-class drugs.