Key Points
- Akebia Therapeutics CFO Erik Ostrowski sold 56,019 shares on June 29 at an average price of $1.11, for total proceeds of $62,181.09. The sale reduced his holdings by 8.33% and was made to cover tax withholding obligations tied to vested equity awards.
- The stock was trading higher, opening at $1.21 and up 6.1% on the day, with a 50-day moving average of $1.11 and a 200-day moving average of $1.31. Akebia also has a market cap of about $324.6 million and a 12-month range of $0.82 to $4.08.
- Analysts remain mixed on AKBA after the company reported a narrower-than-expected quarterly loss and revenue above estimates. The current consensus rating is Hold with an average price target of $4.67, though recent calls ranged from buy ratings to sell downgrades.
Akebia Therapeutics, Inc. (NASDAQ:AKBA - Get Free Report) CFO Erik Ostrowski sold 56,019 shares of Akebia Therapeutics stock in a transaction on Monday, June 29th. The shares were sold at an average price of $1.11, for a total value of $62,181.09. Following the completion of the sale, the chief financial officer owned 616,616 shares in the company, valued at $684,443.76. This represents a 8.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Akebia Therapeutics Trading Up 6.1%
NASDAQ AKBA opened at $1.21 on Thursday. The firm's 50-day moving average is $1.11 and its two-hundred day moving average is $1.31. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.40 and a quick ratio of 1.33. Akebia Therapeutics, Inc. has a 12 month low of $0.82 and a 12 month high of $4.08. The stock has a market capitalization of $324.59 million, a P/E ratio of -15.12 and a beta of 0.23.
Akebia Therapeutics (NASDAQ:AKBA - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.02). Akebia Therapeutics had a negative return on equity of 62.72% and a negative net margin of 8.83%.The company had revenue of $53.54 million for the quarter, compared to analysts' expectations of $51.67 million. On average, sell-side analysts anticipate that Akebia Therapeutics, Inc. will post -0.1 earnings per share for the current year.
Analysts Set New Price Targets
Several research analysts recently commented on the company. BTIG Research reissued a "buy" rating and set a $4.00 target price on shares of Akebia Therapeutics in a research note on Tuesday, April 7th. HC Wainwright restated a "buy" rating and issued a $6.00 price objective on shares of Akebia Therapeutics in a research note on Wednesday. Weiss Ratings reiterated a "sell (e+)" rating on shares of Akebia Therapeutics in a research note on Wednesday, May 6th. Zacks Research cut shares of Akebia Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Finally, Wall Street Zen cut Akebia Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $4.67.
Read Our Latest Research Report on Akebia Therapeutics
Hedge Funds Weigh In On Akebia Therapeutics
Institutional investors have recently added to or reduced their stakes in the business. Baird Financial Group Inc. increased its stake in shares of Akebia Therapeutics by 23.0% during the 1st quarter. Baird Financial Group Inc. now owns 21,393 shares of the biopharmaceutical company's stock valued at $41,000 after acquiring an additional 4,000 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Akebia Therapeutics by 13.1% in the 1st quarter. AQR Capital Management LLC now owns 176,961 shares of the biopharmaceutical company's stock worth $340,000 after acquiring an additional 20,499 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Akebia Therapeutics by 9.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 137,897 shares of the biopharmaceutical company's stock valued at $265,000 after acquiring an additional 11,517 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Akebia Therapeutics by 171.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,724,439 shares of the biopharmaceutical company's stock worth $5,231,000 after buying an additional 1,722,245 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Akebia Therapeutics by 123.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,652,746 shares of the biopharmaceutical company's stock worth $6,016,000 after purchasing an additional 911,585 shares during the last quarter. 33.92% of the stock is currently owned by institutional investors and hedge funds.
About Akebia Therapeutics
(
Get Free Report)
Akebia Therapeutics, Inc, a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, is focused on the development and commercialization of therapies for patients with kidney disease. The company's lead product candidate, vadadustat, is an investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor designed to treat anemia associated with chronic kidney disease in both dialysis-dependent and non-dialysis patients. Akebia's research and development efforts also extend to preclinical programs targeting nephrology and related metabolic disorders.
Since its founding in 2007, Akebia has pursued strategic collaborations to advance its clinical pipeline and expand its market reach.
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