California State Teachers Retirement System (CalSTRS) has dramatically increased its position in Ionis Pharmaceuticals, Inc. (NASDAQ:IONS), according to a new SEC filing. The pension fund boosted its stake by 8,029.6% during the second quarter by purchasing an additional 14,170,961 shares.
This acquisition brings CalSTRS's total holdings to 14,347,446 shares, which represents about 8.63% of Ionis Pharmaceuticals. The stake was valued at approximately $1.14 billion at the time of the filing. This significant investment by a major institutional player signals strong conviction in the biotechnology company's value and pipeline, even after recent mixed clinical trial news for one of its partnered drugs.