Ionis Pharma Lower Off Positive News Related To Alnylam's RNAi Drug

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Ionis Pharmaceuticals Inc IONS shares are trading lower by $5.70 (9 percent)at $52.37 in Wednesday's session.

The sharp decline may attributed to the positive news regarding Alnylam's RNAi drug. Investors may be fearful that Alnylam's drug therapy make get regulator and or be brought to the market ahead of drugs in Ionis's pipeline.

After a lower open, Ionis managed a brief rally to $55.84 before continuing its move lower. At this time, the ensuing decline has reached $53.11 and is not far off that level.

The current low coincides with its September 1 low of 53.14. Beyond that level, the next daily support level does not come in until its August 31 low of $50.55.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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