Akebia Therapeutics (NASDAQ:AKBA) Upgraded at StockNews.com

Akebia Therapeutics (NASDAQ:AKBA) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Monday.

Several other research analysts also recently weighed in on the stock. Piper Sandler upped their price objective on shares of Akebia Therapeutics from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Friday. HC Wainwright restated a “buy” rating and issued a $7.50 target price on shares of Akebia Therapeutics in a report on Friday.

Akebia Therapeutics Stock Performance

Shares of NASDAQ:AKBA traded up $0.14 during mid-day trading on Monday, reaching $2.40. 4,614,984 shares of the company’s stock were exchanged, compared to its average volume of 2,997,802. The firm has a market capitalization of $523.63 million, a price-to-earnings ratio of -10.43 and a beta of 0.94. The business’s fifty day moving average price is $2.03 and its 200-day moving average price is $1.79. Akebia Therapeutics has a twelve month low of $0.80 and a twelve month high of $2.48.

Akebia Therapeutics (NASDAQ:AKBA) last released its earnings results on Thursday, March 13th. The biopharmaceutical company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The company had revenue of $46.50 million for the quarter, compared to analyst estimates of $37.36 million. Analysts predict that Akebia Therapeutics will post -0.3 EPS for the current fiscal year.

Insider Activity at Akebia Therapeutics

In related news, SVP Steven Keith Burke sold 50,506 shares of Akebia Therapeutics stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $2.10, for a total value of $106,062.60. Following the transaction, the senior vice president now owns 816,234 shares in the company, valued at $1,714,091.40. This trade represents a 5.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John P. Butler sold 144,250 shares of Akebia Therapeutics stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $2.10, for a total transaction of $302,925.00. Following the completion of the transaction, the chief executive officer now owns 2,604,330 shares in the company, valued at approximately $5,469,093. The trade was a 5.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 280,579 shares of company stock valued at $589,216 over the last three months. 4.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Akebia Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp increased its holdings in Akebia Therapeutics by 930.4% during the 4th quarter. Mackenzie Financial Corp now owns 135,392 shares of the biopharmaceutical company’s stock valued at $257,000 after purchasing an additional 122,252 shares during the period. Rafferty Asset Management LLC bought a new stake in shares of Akebia Therapeutics in the 4th quarter worth approximately $342,000. ProShare Advisors LLC increased its stake in shares of Akebia Therapeutics by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 58,585 shares of the biopharmaceutical company’s stock valued at $111,000 after buying an additional 19,277 shares during the period. Millennium Management LLC raised its holdings in shares of Akebia Therapeutics by 738.0% during the fourth quarter. Millennium Management LLC now owns 169,647 shares of the biopharmaceutical company’s stock valued at $322,000 after acquiring an additional 149,402 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Akebia Therapeutics by 10.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 126,380 shares of the biopharmaceutical company’s stock worth $240,000 after acquiring an additional 12,232 shares during the period. 33.92% of the stock is currently owned by institutional investors.

About Akebia Therapeutics

Akebia Therapeutics, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. The company’s lead product investigational product candidate is Vafseo (vadadustat), an oral hypoxia-inducible factor prolyl hydroxylase, which is in Phase III development for the treatment of anemia due to chronic kidney disease (CKD) in dialysis-dependent and non-dialysis dependent patients.