HOUGEN ELIZABETH L

HOUGEN ELIZABETH L, EVP, Finance & CFO, has demonstrated a clear selling bias in her transactions involving Ionis Pharmaceuticals (IONS), the sole company reflected in her SEC Form 4 filings. Over 32 reported transactions, she has sold shares worth approximately $24.2 million while purchasing $13.8 million in stock, resulting in a net divestment trend. The most recent activity, concentrated in March 2026, included significant sales, with a single transaction on March 16 totaling nearly $14.9 million, followed by additional sales of $744,661 and $686,901 the next day. Earlier in the year, on January 16, 2026, she sold $971,992 worth of shares, continuing a pattern of periodic disposals. Her transactions also include multiple acquisitions marked as "M" (derivative transactions, likely option exercises) and "A" (awards), though these entries often reflect zero-dollar values, suggesting they may represent equity grants or adjustments rather than open-market purchases. Notably, her selling activity has intensified recently, with nine sales recorded in the latest filings and no buys. The absence of open-market purchases alongside consistent sales indicates a sustained reduction in her holdings in IONS, though the reasons remain undisclosed in the filings. The scale of these transactions—particularly the multimillion-dollar sales—highlights a material shift in her position within the company.