Vault-13

IONIS PHARMACEUTICALS INC IONS 0 04.01.26

NOTE 4/0 · US DOMESTIC · CUSIP 462222AD2

34 institutional holders -2 vs Q1 2025
1,032,9101.0m shares reported held*
$612.8mreported value*
3 new 12 added 9 reduced 5 sold out net sold ≈ $48.4m (-99.0k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $593.26.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 41Q4 22: 44Q1 23: 47Q2 23: 51Q3 23: 55Q4 23: 54Q1 24: 59Q2 24: 56Q3 24: 57Q4 24: 48Q1 25: 36Q2 25: 3434Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202241
Q4 202244
Q1 202347
Q2 202351
Q3 202355
Q4 202354
Q1 202459
Q2 202456
Q3 202457
Q4 202448
Q1 202536
Q2 202534

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 26 bought or addedQ3 23: 23 cut or sold outQ4 23: 22 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 27 bought or addedQ1 24: 22 cut or sold outQ2 24: 22 bought or addedQ2 24: 27 cut or sold outQ2 24Q3 24: 22 bought or addedQ3 24: 28 cut or sold outQ4 24: 17 bought or addedQ4 24: 32 cut or sold outQ4 24Q1 25: 12 bought or addedQ1 25: 24 cut or sold outQ2 25: 15 bought or addedQ2 25: 14 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232623
Q4 20232223
Q1 20242722
Q2 20242227
Q3 20242228
Q4 20241732
Q1 20251224
Q2 20251514

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5mQ3 24 calls: $0Q3 24 puts: $1.1mQ3 24P/C —Q4 24 calls: $0Q4 24 puts: $921.6kQ4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$0$1.1m—
Q4 2024$0$921.6k—
Q1 2025$0$0—
Q2 2025$0$0—

Biggest buyers

Weiss Asset Management LP Added +15,150,000+15.2m
CAPSTONE INVESTMENT ADVISORS, LLC Added +13,999,000+14.0m
CSS LLC/IL Added +12,339,000+12.3m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +10,000,000+10.0m
DeepCurrents Investment Group LLC Added +5,000,000+5.0m
ROYAL BANK OF CANADA Added +1,983,000+2.0m
CITIGROUP INC New +699,000+699.0k
Erste Asset Management GmbH Added +500,000+500.0k
JANE STREET GROUP, LLC New +425,000+425.0k
STATE STREET CORP Added +95,000+95.0k

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -53,500,000-53.5m
LAZARD ASSET MANAGEMENT LLC Reduced -44,039,000-44.0m
BlackRock, Inc. Reduced -4,565,000-4.6m
Calamos Advisors LLC Reduced -2,855,000-2.9m
BANK OF AMERICA CORP /DE/ Sold out -1,817,000-1.8m
BNP PARIBAS FINANCIAL MARKETS Sold out -526,000-526.0k
Russell Investments Group, Ltd. Sold out -324,000-324.0k
KBC Group NV Sold out -200,000-200.0k
AQR Arbitrage LLC Sold out -150,000-150.0k
MacKay Shields LLC Reduced -102,000-102.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 1.45% of their portfolio NEW YORK, NY 106,292,000106.3m $107.6m $107.6m 1.45% Added +10.0m +10,000,000
2 Weiss Asset Management LP 1.22% of their portfolio BOSTON, MA 76,616,00076.6m $77.4m $77.4m 1.22% Added +15.2m +15,150,000
3 CAPSTONE INVESTMENT ADVISORS, LLC 0.56% of their portfolio NEW YORK, NY 64,949,00064.9m $65.5m $65.5m 0.56% Added +14.0m +13,999,000
4 Linden Advisors LP 0.40% of their portfolio New York, NY 64,522,00064.5m $65.2m $65.2m 0.40% Unchanged
5 DeepCurrents Investment Group LLC 2.23% of their portfolio NEW YORK, NY 60,427,00060.4m $61.0m $61.0m 2.23% Added +5.0m +5,000,000
6 CSS LLC/IL 3.67% of their portfolio CHICAGO, IL 57,350,00057.4m $58.0m $58.0m 3.67% Added +12.3m +12,339,000
7 VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio ATLANTA, GA 53,500,00053.5m $53.9m $53.9m 0.05% Reduced -53.5m -53,500,000
8 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 28,000,00028.0m $28.3m $28.3m 0.03% Unchanged
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,670,00012.7m $12.8m $12.8m 0.00% Added +95.0k +95,000
10 FMR LLC 0.00% of their portfolio BOSTON, MA 7,848,0007.8m $7.9m $7.9m 0.00% Unchanged
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 6,217,0006.2m $6.2m $6.2m 0.00% Reduced -4.6m -4,565,000
12 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,966,0004.0m $4.0m $4.0m 0.00% Added +2.0m +1,983,000
13 MacKay Shields LLC 0.09% of their portfolio New York, NY 2,905,0002.9m $2.9m $2.9m 0.09% Reduced -102.0k -102,000
14 Man Group plc 0.00% of their portfolio LONDON, X0 2,190,0002.2m $2.2m $2.2m 0.00% Unchanged
15 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 749,000749.0k $756.5k $756.5k 0.00% Reduced -14.0k -14,000
16 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 699,000699.0k $701.8k $701.8k 0.00% New
17 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 500,000500.0k $506.5k $506.5k 0.00% Added +500.0k +500,000
18 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 500,000500.0k $503.0k $503.0k 0.00% Added +1 +1
19 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 425,000425.0k $428.8k $428.8k 0.00% New
20 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 417,000417.0k $421.2k $421.2k 0.00% Added +11.0k +11,000
21 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 202,000202.0k $203.0k $203.0k 0.00% Reduced -44.0m -44,039,000
22 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 200,000200.0k $202.0k $202.0k 0.00% Reduced -100.0k -100,000
23 Sonora Investment Management Group, LLC 0.01% of their portfolio TUCSON, AZ 160,000160.0k $160.6k $160.6k 0.01% Unchanged
24 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 103,000103.0k $104.0k $104.0k 0.00% Reduced -2.9m -2,855,000
25 OPPENHEIMER ASSET MANAGEMENT INC. 0.00% of their portfolio NEW YORK, NY 92,00092.0k $92.4k $92.4k 0.00% Reduced -1.0k -1,000
26 SHENKMAN CAPITAL MANAGEMENT INC 0.01% of their portfolio NEW YORK, NY 68,00068.0k $70.7k $70.7k 0.01% Added +4.0k +4,000
27 Boussard & Gavaudan Investment Management LLP 7.14% of their portfolio London, X0 54,91054.9k $55.6m $55.6m 7.14% Unchanged
28 STEPHENS INC /AR/ 0.00% of their portfolio LITTLE ROCK, AR 26,00026.0k $26.1k $26.1k 0.00% Added +2.0k +2,000
29 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 25,00025.0k $25.1k $25.1k 0.00% Unchanged
30 Balboa Wealth Partners 0.00% of their portfolio SCOTTSDALE, AZ 15,00015.0k $15.1k $15.1k 0.00% Reduced -2.0k -2,000
31 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 4,0004.0k $4.0k $4.0k 0.00% Unchanged
32 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 2,0002.0k $2.0k $2.0k 0.00% Unchanged
33 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 1,0001.0k $1.0k $1.0k 0.00% New
34 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged