Morning Commentary: Ionis down in active trade as shares drop; Nabors Industries weakens

By Rebecca Melvin

New York, Oct. 24 – Ionis Pharmaceuticals Inc.’s convertibles were down in active trading early Tuesday as shares of the Carlsbad, Calif.-based developer of gene-based drugs stumbled 10%, a New York-based trader said.

The Ionis 1% convertible notes due 2021 were seen at 112 versus an underlying share price of $56.20.

Ionis “is pretty active because of the stock,” the trader said.

Ionis’ webcast on third-quarter results and pipeline progress is set for Nov. 7.

Also trading lower in the early going was Nabors Industries Ltd. on loss of its investment-grade status, the trader said.

The Nabors convertibles were seen down by about 0.75 point at 77 bid, 77.5 offered, versus shares of the Hamilton, Bermuda-based land-based and offshore oil and gas services company, which were steady at $6.40.

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