On October 17, 2025, Capricorn Fund Managers Ltd disclosed a new stake in Ionis Pharmaceuticals, acquiring approximately 162,800 shares in a trade estimated at $10.65 million based on average quarterly pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated October 17, 2025, Capricorn Fund Managers Ltd reported a new position in Ionis Pharmaceuticals (IONS 0.66%). The fund added 162,800 shares during the quarter, with an estimated transaction value of $10.65 million. This stake brought Ionis Pharmaceuticals to 3.58% of the fund’s reportable AUM.
What else to know
This is a new position for Capricorn Fund Managers Ltd, representing 3.58% of 13F reportable AUM as of September 30, 2025.
Top holdings after the filing:
- WAY: $19.15 million (6.4% of AUM) as of September 30, 2025
- TARS: $14.26 million (4.8% of AUM) as of September 30, 2025
- MSFT: $14.15 million (4.8% of AUM) as of September 30, 2025
- VERA: $13.10 million (4.4% of AUM) as of September 30, 2025
- REAL: $12.64 million (4.2% of AUM) as of September 30, 2025
As of October 16, 2025, shares of Ionis Pharmaceuticals were priced at $73.07 (closing price per FMP market data), up 86.6% over the prior 12 months and outperforming the S&P 500 by 79.11 percentage points over the past year.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $944 million |
| Net Income (TTM) | $-268 million |
| Price (as of market close 2025-10-16) | $73.07 |
| One-Year Price Change | 86.59% |
Company Snapshot
Ionis Pharmaceuticals develops and commercializes RNA-targeted therapeutics, including marketed products such as SPINRAZA for spinal muscular atrophy, TEGSEDI for hereditary transthyretin-mediated amyloidosis, and WAYLIVRA for lipid disorders.
The company generates revenue through product sales and strategic collaborations with major pharmaceutical partners.
Foolish take
Ionis Pharmaceuticals has soared in recent months, with its stock price skyrocketing by more than 72% since early September 2025.
Part of this massive growth has been fueled by increasing investor confidence, as the company recently revealed that its second-quarter revenue doubled year-over-year. With new product launches, FDA approvals, and other pipeline developments in the works, Ionis has an optimistic outlook for the future.
However, regulatory challenges are always a risk for biotech companies, and some experts also worry that with its explosive growth recently, Ionis has become overvalued.
Going forward, investors will certainly be watching Ionis Pharmaceuticals to see whether its growth can keep up with high expectations.
Glossary
Stake: The ownership interest or share held in a company by an investor or fund.
Assets Under Management (AUM): The total market value of investments managed by a fund or investment firm.
13F Reportable Assets: U.S. equity securities that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Top Holdings: The largest investments in a fund’s portfolio, typically ranked by value or percentage of AUM.
Outperforming: Achieving a higher return than a specific benchmark or index over a given period.
Strategic Collaborations: Partnerships between companies to jointly develop, market, or commercialize products or technologies.
RNA-targeted Therapeutics: Drugs designed to interact with RNA molecules to treat diseases at the genetic level.
Indications: The medical conditions or diseases for which a drug is developed or approved.
TTM: The 12-month period ending with the most recent quarterly report.
