Akebia Therapeutics, Inc. (AKBA) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA) from a buy rating to a hold rating in a report published on Tuesday morning.

According to Zacks, “Akebia Therapeutics Inc. is a biopharmaceutical company. It focuses on the development and commercialization of proprietary therapeutics based on hypoxia inducible factor biology for patients with kidney disease. Akebia Therapeutics, Inc. is headquartered in Cambridge, Massachusetts. “

A number of other equities research analysts also recently weighed in on AKBA. Mizuho began coverage on Akebia Therapeutics in a research report on Wednesday, October 4th. They set a buy rating and a $24.00 target price for the company. Royal Bank Of Canada restated an outperform rating and set a $28.00 target price on shares of Akebia Therapeutics in a research report on Saturday, September 16th. ValuEngine upgraded Akebia Therapeutics from a sell rating to a hold rating in a research report on Friday, September 1st. BidaskClub upgraded Akebia Therapeutics from a sell rating to a hold rating in a research report on Wednesday, August 16th. Finally, HC Wainwright restated a buy rating and set a $24.00 target price on shares of Akebia Therapeutics in a research report on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $22.00.

Shares of Akebia Therapeutics (AKBA) traded down 1.87% on Tuesday, hitting $18.90. The stock had a trading volume of 24,599 shares. The company’s market cap is $345.87 million. The firm has a 50 day moving average price of $17.77 and a 200-day moving average price of $14.18. Akebia Therapeutics has a 52 week low of $7.16 and a 52 week high of $20.25.

Akebia Therapeutics (NASDAQ:AKBA) last posted its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.53) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.36. The business had revenue of $28.52 million during the quarter, compared to analyst estimates of $26.50 million. Analysts anticipate that Akebia Therapeutics will post ($2.64) EPS for the current year.

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In other news, SVP Michel Dahan sold 1,398 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $19.64, for a total transaction of $27,456.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 12,586 shares of company stock valued at $222,289. 7.95% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its holdings in Akebia Therapeutics by 165.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 38,900 shares of the biopharmaceutical company’s stock valued at $559,000 after purchasing an additional 24,222 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Akebia Therapeutics in the second quarter valued at about $159,000. RA Capital Management LLC bought a new stake in Akebia Therapeutics in the second quarter valued at about $12,018,000. State Street Corp increased its holdings in Akebia Therapeutics by 72.9% in the second quarter. State Street Corp now owns 946,888 shares of the biopharmaceutical company’s stock valued at $13,604,000 after purchasing an additional 399,160 shares during the last quarter. Finally, DAFNA Capital Management LLC increased its holdings in Akebia Therapeutics by 92.7% in the second quarter. DAFNA Capital Management LLC now owns 135,738 shares of the biopharmaceutical company’s stock valued at $1,951,000 after purchasing an additional 65,283 shares during the last quarter. Institutional investors and hedge funds own 57.62% of the company’s stock.

About Akebia Therapeutics

Akebia Therapeutics, Inc is a biopharmaceutical company. The Company focuses on the development and commercialization of therapeutics based on hypoxia-inducible factor (HIF) biology. The Company’s lead product candidate, vadadustat, is indicated for the treatment of anemia in chronic kidney disease (CKD).

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