Akcea Therapeutics, Inc. (AKCA) Sees Large Increase in Short Interest
Akcea Therapeutics, Inc. (NASDAQ:AKCA) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,530,743 shares, an increase of 168.0% from the August 31st total of 571,132 shares. Based on an average daily trading volume, of 753,963 shares, the short-interest ratio is presently 2.0 days. Approximately 10.3% of the company’s stock are sold short.
Akcea Therapeutics (AKCA) opened at 28.03 on Wednesday. The stock’s 50 day moving average is $22.14 and its 200 day moving average is $17.15. The stock’s market capitalization is $1.80 billion. Akcea Therapeutics has a 12-month low of $8.10 and a 12-month high of $31.23.
A number of analysts have recently issued reports on AKCA shares. BMO Capital Markets began coverage on shares of Akcea Therapeutics in a research report on Tuesday, August 8th. They issued an “outperform” rating and a $25.00 price target for the company. Wells Fargo & Company assumed coverage on shares of Akcea Therapeutics in a research report on Tuesday, August 8th. They set an “outperform” rating and a $27.00 price objective on the stock. Cowen and Company started coverage on shares of Akcea Therapeutics in a research report on Tuesday, August 8th. They set an “outperform” rating on the stock. Finally, Stifel Nicolaus started coverage on shares of Akcea Therapeutics in a research note on Tuesday, August 8th. They issued a “buy” rating and a $19.00 price objective on the stock.
In other Akcea Therapeutics news, major shareholder Ionis Pharmaceuticals Inc purchased 3,125,000 shares of the stock in a transaction dated Wednesday, July 19th. The shares were acquired at an average price of $8.00 per share, for a total transaction of $25,000,000.00. Following the completion of the acquisition, the insider now owns 28,884,540 shares of the company’s stock, valued at approximately $231,076,320. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
About Akcea Therapeutics
Akcea Therapeutics, Inc is a biopharmaceutical company. The Company is focused on developing and commercializing drugs to treat patients with serious cardiometabolic diseases caused by lipid disorders. The Company’s drugs, volanesorsen, AKCEA-APO(a)-LRx, AKCEA-ANGPTL3-LRx and AKCEA-APOCIII-LRx, are all based on antisense technology developed by Ionis Pharmaceuticals, Inc (Ionis).
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