Zacks Research Upgrades Akebia Therapeutics (NASDAQ:AKBA) to Hold

Akebia Therapeutics (NASDAQ:AKBA) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other research firms have also recently issued reports on AKBA. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Akebia Therapeutics in a research report on Wednesday, May 6th. HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of Akebia Therapeutics in a research note on Wednesday, July 1st. Wall Street Zen downgraded Akebia Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, BTIG Research reaffirmed a “buy” rating and set a $4.00 price objective on shares of Akebia Therapeutics in a research report on Tuesday, April 7th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.67.

Akebia Therapeutics Trading Up 4.4%

AKBA opened at $1.42 on Tuesday. The business has a fifty day moving average price of $1.10 and a 200 day moving average price of $1.30. 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 has a 12 month low of $0.82 and a 12 month high of $4.08. The stock has a market capitalization of $380.93 million, a price-to-earnings ratio of -17.75 and a beta of 0.23.

Akebia Therapeutics (NASDAQ:AKBA) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). Akebia Therapeutics had a negative net margin of 8.83% and a negative return on equity of 62.72%. The company had revenue of $53.54 million during the quarter, compared to analysts’ expectations of $51.67 million. Sell-side analysts expect that Akebia Therapeutics will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Akebia Therapeutics

In related news, CFO Erik Ostrowski sold 56,019 shares of the company’s 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 transaction, the chief financial officer directly owned 616,616 shares in the company, valued at approximately $684,443.76. The trade was a 8.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Akebia Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Nordea Investment Management AB purchased a new stake in Akebia Therapeutics in the fourth quarter worth approximately $1,215,000. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Akebia Therapeutics during the fourth quarter worth approximately $803,000. E Fund Management Co. Ltd. raised its stake in shares of Akebia Therapeutics by 46.4% during the second quarter. E Fund Management Co. Ltd. now owns 28,273 shares of the biopharmaceutical company’s stock worth $103,000 after acquiring an additional 8,962 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Akebia Therapeutics by 130.6% in the 3rd quarter. Focus Partners Wealth now owns 30,591 shares of the biopharmaceutical company’s stock worth $87,000 after acquiring an additional 17,324 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Akebia Therapeutics by 26.0% in the 2nd quarter. Legal & General Group Plc now owns 23,279 shares of the biopharmaceutical company’s stock valued at $85,000 after purchasing an additional 4,798 shares in the last quarter. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

About Akebia Therapeutics

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.