Ionis Pharmaceuticals Inc IONS shares are trading lower by $13.20 (36 percent) at $22.06 in Thursday's session. The catalyst for the sharp decline is a disclosure from the company regarding illnesses associated with two of its major drug programs. The announcement prompted Cowen to downgrade the stock from Outperform to Market Perform.
After nearly a $10 lower open, it managed only a penny bounce to $26.81 before the downward draft continued. The ensuing decline reached $21.04 before staging a rebound to the $22 handle. That low marks the lowest level for the issue since it bottomed in June 2013 at $20.41.
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