Akcea Therapeutics (AKCA) Hits New 1-Year High Following Analyst Upgrade

Akcea Therapeutics Inc (NASDAQ:AKCA) shares hit a new 52-week high during trading on Monday after Zacks Investment Research upgraded the stock from a sell rating to a hold rating. The stock traded as high as $32.83 and last traded at $32.84, with a volume of 631347 shares traded. The stock had previously closed at $31.21.

According to Zacks, “Akcea Therapeutics, Inc. is a biopharmaceutical company. It focuses on developing and commercializing drugs to treat patients with cardiometabolic diseases caused by lipid disorders in the United States and internationally. The Company’s drug pipeline consists of volanesorsen, AKCEA-APO(a)-LRx, AKCEA-ANGPTL3-LRx and AKCEA-APOCIII-LRx which are in clinical stage. Akcea Therapeutics, Inc. is headquartered in Cambridge, Massachusetts. “

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Other research analysts also recently issued reports about the company. Stifel Nicolaus boosted their target price on Akcea Therapeutics from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, March 16th. Wells Fargo restated a “market perform” rating and issued a $20.00 price objective on shares of Akcea Therapeutics in a research report on Monday. BidaskClub upgraded shares of Akcea Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, January 20th. BMO Capital Markets boosted their price objective on shares of Akcea Therapeutics from $25.00 to $30.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 27th. Finally, Cowen cut shares of Akcea Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 27th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $24.75.

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in Akcea Therapeutics by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 204,540 shares of the company’s stock worth $3,550,000 after purchasing an additional 3,147 shares during the last quarter. Legal & General Group Plc bought a new position in Akcea Therapeutics in the 3rd quarter worth approximately $111,000. Ardsley Advisory Partners raised its position in Akcea Therapeutics by 50.0% in the 4th quarter. Ardsley Advisory Partners now owns 15,000 shares of the company’s stock worth $260,000 after purchasing an additional 5,000 shares during the last quarter. Deutsche Bank AG raised its position in Akcea Therapeutics by 17.4% in the 4th quarter. Deutsche Bank AG now owns 34,624 shares of the company’s stock worth $600,000 after purchasing an additional 5,134 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Akcea Therapeutics in the 3rd quarter worth approximately $180,000. Hedge funds and other institutional investors own 29.14% of the company’s stock.

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Akcea Therapeutics Company Profile

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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