Akebia Therapeutics (NASDAQ:AKBA) Trading Down 4.4% – Here’s What Happened

Akebia Therapeutics, Inc. (NASDAQ:AKBAGet Free Report) shares were down 4.4% during mid-day trading on Thursday . The company traded as low as $2.31 and last traded at $2.29. Approximately 801,028 shares traded hands during trading, a decline of 70% from the average daily volume of 2,672,856 shares. The stock had previously closed at $2.39.

Analysts Set New Price Targets

AKBA has been the topic of several research reports. StockNews.com lowered shares of Akebia Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. HC Wainwright reissued a “buy” rating and issued a $7.50 target price on shares of Akebia Therapeutics in a research note on Thursday.

View Our Latest Analysis on AKBA

Akebia Therapeutics Stock Down 0.4 %

The business has a 50 day moving average price of $1.95 and a 200-day moving average price of $1.62. The firm has a market cap of $519.27 million, a price-to-earnings ratio of -10.35 and a beta of 0.72.

Akebia Therapeutics (NASDAQ:AKBAGet Free Report) last issued its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The business had revenue of $37.43 million for the quarter, compared to the consensus estimate of $45.66 million. During the same period last year, the business earned ($0.08) earnings per share. Research analysts anticipate that Akebia Therapeutics, Inc. will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Akebia Therapeutics

A number of institutional investors have recently added to or reduced their stakes in AKBA. Rhumbline Advisers lifted its stake in shares of Akebia Therapeutics by 4,915.4% in the second quarter. Rhumbline Advisers now owns 247,060 shares of the biopharmaceutical company’s stock worth $252,000 after acquiring an additional 242,134 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Akebia Therapeutics by 7.2% during the 2nd quarter. Renaissance Technologies LLC now owns 3,914,800 shares of the biopharmaceutical company’s stock worth $3,993,000 after purchasing an additional 262,700 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Akebia Therapeutics by 40.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 31,221 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 9,037 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of Akebia Therapeutics in the 2nd quarter valued at approximately $44,000. Finally, SG Americas Securities LLC raised its holdings in Akebia Therapeutics by 117.1% in the third quarter. SG Americas Securities LLC now owns 71,965 shares of the biopharmaceutical company’s stock valued at $95,000 after acquiring an additional 38,821 shares in the last quarter. Institutional investors and hedge funds own 33.92% of the company’s stock.

Akebia Therapeutics Company Profile

(Get Free Report)

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.

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