Zacks Investment Research Upgrades Akebia Therapeutics (NASDAQ:AKBA) to “Buy”

Zacks Investment Research upgraded shares of Akebia Therapeutics (NASDAQ:AKBA) from a hold rating to a buy rating in a report released on Monday, November 13th. They currently have $17.00 target price on the biopharmaceutical company’s stock.

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 analysts have also recently issued reports on AKBA. BidaskClub cut Akebia Therapeutics from a hold rating to a sell rating in a report on Wednesday, July 19th. HC Wainwright reiterated a buy rating and issued a $24.00 price target on shares of Akebia Therapeutics in a research report on Wednesday, August 9th. ValuEngine upgraded Akebia Therapeutics from a sell rating to a hold rating in a research report on Friday, September 1st. Royal Bank Of Canada assumed coverage on Akebia Therapeutics in a research report on Thursday, September 14th. They issued a sector perform rating and a $17.00 price target on the stock. Finally, Mizuho assumed coverage on Akebia Therapeutics in a research report on Wednesday, October 4th. They set a buy rating and a $24.00 target price on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. Akebia Therapeutics presently has an average rating of Buy and an average target price of $20.75.

Shares of Akebia Therapeutics (NASDAQ AKBA) traded up $0.29 during midday trading on Monday, reaching $15.85. The company’s stock had a trading volume of 284,278 shares, compared to its average volume of 395,441. Akebia Therapeutics has a 52-week low of $7.78 and a 52-week high of $20.25.

Akebia Therapeutics (NASDAQ:AKBA) last posted its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.49) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.07. Akebia Therapeutics had a negative return on equity of 198.85% and a negative net margin of 137.80%. The company had revenue of $41.28 million during the quarter, compared to analysts’ expectations of $34.00 million. equities research analysts anticipate that Akebia Therapeutics will post -2.25 earnings per share for the current fiscal year.

In related news, SVP Michel Dahan sold 1,398 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $19.64, for a total transaction of $27,456.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 7,586 shares of company stock valued at $147,289 over the last ninety days. 7.95% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AKBA. SG Americas Securities LLC bought a new position in Akebia Therapeutics during the second quarter valued at $132,000. Legal & General Group Plc grew its holdings in Akebia Therapeutics by 8.0% during the second quarter. Legal & General Group Plc now owns 9,672 shares of the biopharmaceutical company’s stock valued at $142,000 after purchasing an additional 714 shares during the period. Creative Planning grew its holdings in Akebia Therapeutics by 2.9% during the second quarter. Creative Planning now owns 10,650 shares of the biopharmaceutical company’s stock valued at $153,000 after purchasing an additional 300 shares during the period. Cubist Systematic Strategies LLC bought a new position in Akebia Therapeutics during the second quarter valued at $159,000. Finally, Macquarie Group Ltd. bought a new position in shares of Akebia Therapeutics in the third quarter worth $183,000. 62.82% of the stock is owned by institutional investors and hedge funds.

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Akebia Therapeutics Company Profile

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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