Akcea Therapeutics Inc (NASDAQ:AKCA) saw a significant growth in short interest in January. As of January 31st, there was short interest totalling 5,141,576 shares, a growth of 34.6% from the January 12th total of 3,819,994 shares. Approximately 34.7% of the shares of the company are sold short. Based on an average daily trading volume, of 294,283 shares, the days-to-cover ratio is currently 17.5 days.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Akcea Therapeutics by 117.9% in the fourth 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. Granahan Investment Management Inc. MA acquired a new position in Akcea Therapeutics in the third quarter valued at about $8,528,000. OxFORD Asset Management LLP acquired a new position in Akcea Therapeutics in the third quarter valued at about $6,872,000. Geode Capital Management LLC raised its stake in Akcea Therapeutics by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 204,540 shares of the company’s stock valued at $3,550,000 after purchasing an additional 3,147 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. acquired a new position in Akcea Therapeutics in the third quarter valued at about $5,314,000. 26.06% of the stock is owned by institutional investors and hedge funds.
AKCA has been the subject of a number of research reports. Cowen reissued a “buy” rating on shares of Akcea Therapeutics in a report on Tuesday, October 31st. Stifel Nicolaus reissued a “buy” rating and set a $20.00 target price (up previously from $19.00) on shares of Akcea Therapeutics in a report on Tuesday, November 7th. Zacks Investment Research raised Akcea Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Finally, BidaskClub downgraded Akcea Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, December 30th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $22.75.
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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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