Why Ionis Pharmaceutical Shares Are Trading Lower Wednesday
Portfolio Pulse from Erica Kollmann
Ionis Pharmaceuticals plans to offer $500 million of senior convertible notes due in 2028 in a private placement for institutional investors. The company also intends to grant the initial purchasers an option to purchase up to an additional $75 million principal amount of notes. Piper Sandler assumed coverage on Ionis Pharmaceuticals with an Overweight rating and a price target of $58.
June 07, 2023 | 4:07 pm
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Ionis Pharmaceuticals' stock is trading lower after announcing a $500 million senior convertible notes offering. Piper Sandler assumed coverage with an Overweight rating and a $58 price target.
Ionis Pharmaceuticals' stock is trading lower due to the announcement of the $500 million senior convertible notes offering, which may dilute existing shareholders' value. However, the Overweight rating and $58 price target from Piper Sandler could provide some support for the stock in the short term.
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