Akebia Therapeutics (NASDAQ:AKBA – Get Free Report) released its earnings results on Wednesday. The biopharmaceutical company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01, FiscalAI reports. The company had revenue of $49.13 million for the quarter, compared to the consensus estimate of $48.85 million. Akebia Therapeutics had a negative return on equity of 62.72% and a negative net margin of 8.83%.
Akebia Therapeutics Trading Down 2.3%
Shares of Akebia Therapeutics stock traded down $0.03 on Wednesday, reaching $1.29. 3,278,402 shares of the company were exchanged, compared to its average volume of 3,823,669. The stock has a fifty day moving average price of $1.16 and a 200-day moving average price of $1.27. The firm has a market capitalization of $346.06 million, a price-to-earnings ratio of -16.12 and a beta of 0.26. The company has a current ratio of 1.40, a quick ratio of 1.33 and a debt-to-equity ratio of 1.33. Akebia Therapeutics has a fifty-two week low of $0.82 and a fifty-two week high of $3.79.
Analyst Ratings Changes
AKBA has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Akebia Therapeutics in a report on Monday. Zacks Research upgraded shares of Akebia Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 7th. BTIG Research reaffirmed a “buy” rating and issued a $4.00 price target on shares of Akebia Therapeutics in a report on Tuesday, April 7th. Wall Street Zen downgraded shares of Akebia Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Akebia Therapeutics in a report on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.67.
Insiders Place Their Bets
In related news, CFO Erik Ostrowski sold 56,019 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer owned 616,616 shares in the company, valued at approximately $684,443.76. This represents a 8.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 4.30% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. Baird Financial Group Inc. grew its holdings in Akebia Therapeutics by 23.0% in the 1st quarter. Baird Financial Group Inc. now owns 21,393 shares of the biopharmaceutical company’s stock valued at $41,000 after buying an additional 4,000 shares during the last quarter. AQR Capital Management LLC lifted its stake in Akebia Therapeutics by 13.1% during the first quarter. AQR Capital Management LLC now owns 176,961 shares of the biopharmaceutical company’s stock worth $340,000 after purchasing an additional 20,499 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Akebia Therapeutics by 9.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 137,897 shares of the biopharmaceutical company’s stock valued at $265,000 after purchasing an additional 11,517 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Akebia Therapeutics by 171.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,724,439 shares of the biopharmaceutical company’s stock worth $5,231,000 after buying an additional 1,722,245 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Akebia Therapeutics by 123.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,652,746 shares of the biopharmaceutical company’s stock worth $6,016,000 after buying an additional 911,585 shares during the period. 33.92% of the stock is owned by institutional investors and hedge funds.
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.
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