New York State Common Retirement Fund lessened its holdings in shares of Akcea Therapeutics Inc (NASDAQ:AKCA) by 41.3% during the 1st quarter, HoldingsChannel reports. The firm owned 14,800 shares of the company’s stock after selling 10,409 shares during the period. New York State Common Retirement Fund’s holdings in Akcea Therapeutics were worth $379,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in AKCA. BB Biotech AG lifted its holdings in shares of Akcea Therapeutics by 91.4% during the 1st quarter. BB Biotech AG now owns 2,389,571 shares of the company’s stock valued at $61,197,000 after purchasing an additional 1,140,921 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Akcea Therapeutics by 117.9% during the 4th quarter. BlackRock Inc. now owns 1,826,152 shares of the company’s stock valued at $31,702,000 after purchasing an additional 988,200 shares in the last quarter. Iguana Healthcare Management LLC bought a new position in shares of Akcea Therapeutics during the 4th quarter valued at about $1,736,000. Bellevue Group AG bought a new position in shares of Akcea Therapeutics during the 1st quarter valued at about $1,250,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Akcea Therapeutics during the 4th quarter valued at about $598,000. Institutional investors and hedge funds own 23.96% of the company’s stock.
AKCA has been the topic of several recent analyst reports. Zacks Investment Research upgraded Akcea Therapeutics from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Tuesday, May 1st. Wells Fargo & Co upgraded Akcea Therapeutics from a “market perform” rating to an “outperform” rating in a report on Thursday, March 15th. BidaskClub cut Akcea Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, May 10th. BMO Capital Markets cut their price objective on Akcea Therapeutics from $42.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, May 4th. Finally, ValuEngine upgraded Akcea Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $29.25.
In other news, major shareholder Ionis Pharmaceuticals Inc bought 10,666,666 shares of the business’s stock in a transaction on Tuesday, April 17th. The shares were purchased at an average price of $18.75 per share, for a total transaction of $199,999,987.50. Following the purchase, the insider now owns 53,447,879 shares of the company’s stock, valued at approximately $1,002,147,731.25. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.88% of the company’s stock.
Akcea Therapeutics opened at $25.18 on Wednesday, according to MarketBeat.com. Akcea Therapeutics Inc has a 52 week low of $8.10 and a 52 week high of $33.99.
Akcea Therapeutics (NASDAQ:AKCA) last released its earnings results on Thursday, May 3rd. The company reported ($0.44) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.07). The firm had revenue of $17.11 million during the quarter, compared to the consensus estimate of $12.12 million. Akcea Therapeutics had a negative net margin of 126.00% and a negative return on equity of 75.90%. The business’s revenue for the quarter was up 181.0% on a year-over-year basis. analysts predict that Akcea Therapeutics Inc will post -1.82 EPS for the current year.
Akcea Therapeutics Profile
Akcea Therapeutics, Inc, a late-stage biopharmaceutical company, focuses on developing and commercializing drugs to treat patients with cardiometabolic diseases caused by lipid disorders in the United States and internationally. It develops Volanesorsen, which has completed Phase 3 clinical study for the treatment of familial chylomicronemia syndrome; and that is in Phase 3 clinical study for the treatment of familial partial lipodystrophy.
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