Akcea Therapeut’s (AKCA) Quiet Period Set To Expire Tomorrow
Akcea Therapeut’s (NASDAQ:AKCA) quiet period is set to expire on Wednesday, August 23rd. Akcea Therapeut had issued 15,625,000 shares in its IPO on July 14th. The total size of the offering was $125,000,000 based on an initial share price of $8.00. During Akcea Therapeut’s quiet period, underwriters and any insiders that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
A number of research analysts have recently commented on AKCA shares. BMO Capital Markets started coverage on shares of Akcea Therapeut in a research report on Tuesday, August 8th. They issued an “outperform” rating and a $25.00 price objective for the company. Stifel Nicolaus started coverage on shares of Akcea Therapeut in a research report on Tuesday, August 8th. They issued a “buy” rating and a $19.00 price objective for the company. Wells Fargo & Company started coverage on shares of Akcea Therapeut in a research report on Tuesday, August 8th. They issued an “outperform” rating and a $27.00 price objective for the company. Finally, Cowen and Company started coverage on shares of Akcea Therapeut in a research report on Tuesday, August 8th. They issued an “outperform” rating for the company.
Akcea Therapeut (NASDAQ:AKCA) opened at 15.08 on Tuesday. The stock has a 50 day moving average of $11.44 and a 200-day moving average of $11.44. Akcea Therapeut has a 12 month low of $8.10 and a 12 month high of $16.30. The company’s market cap is $968.11 million.
In other Akcea Therapeut news, major shareholder Ionis Pharmaceuticals Inc bought 3,125,000 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was purchased at an average price of $8.00 per share, for a total transaction of $25,000,000.00. Following the completion of the transaction, the insider now directly owns 28,884,540 shares of the company’s stock, valued at $231,076,320. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.
About Akcea Therapeut
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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