Akebia Therapeutics (NASDAQ:AKBA) Reaches New 12-Month High - What's Next?

Shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $4.08 and last traded at $3.98, with a volume of 830117 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

A number of research firms recently issued reports on AKBA. Leerink Partners began coverage on Akebia Therapeutics in a report on Monday, April 28th. They set an "outperform" rating and a $7.00 price objective for the company. Piper Sandler upped their price target on shares of Akebia Therapeutics from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Friday, March 14th. HC Wainwright initiated coverage on shares of Akebia Therapeutics in a report on Wednesday, June 4th. They set a "buy" rating and a $8.00 price objective for the company. Jefferies Financial Group assumed coverage on shares of Akebia Therapeutics in a research note on Tuesday, April 1st. They issued a "buy" rating and a $6.00 target price on the stock. Finally, Leerink Partnrs raised shares of Akebia Therapeutics to a "strong-buy" rating in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $6.75.

Akebia Therapeutics Stock Performance

The firm's fifty day moving average price is $2.52 and its 200 day moving average price is $2.18. The firm has a market cap of $937.61 million, a P/E ratio of -15.52 and a beta of 0.85.

Akebia Therapeutics (NASDAQ:AKBA - Get Free Report) last announced its earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.06. The company had revenue of $57.34 million for the quarter, compared to the consensus estimate of $44.88 million. As a group, analysts expect that Akebia Therapeutics, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Akebia Therapeutics

In other news, CAO Richard C. Malabre sold 13,334 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $3.53, for a total value of $47,069.02. Following the sale, the chief accounting officer now directly owns 266,914 shares in the company, valued at approximately $942,206.42. This trade represents a 4.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Akebia Therapeutics

Several institutional investors have recently bought and sold shares of AKBA. Rhumbline Advisers increased its position in shares of Akebia Therapeutics by 6.3% during the first quarter. Rhumbline Advisers now owns 282,066 shares of the biopharmaceutical company's stock worth $542,000 after purchasing an additional 16,677 shares in the last quarter. Woodline Partners LP purchased a new position in Akebia Therapeutics during the 1st quarter worth $4,772,000. Goldman Sachs Group Inc. increased its position in Akebia Therapeutics by 171.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,724,439 shares of the biopharmaceutical company's stock valued at $5,231,000 after buying an additional 1,722,245 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Akebia Therapeutics by 9.1% in 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 buying an additional 11,517 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in Akebia Therapeutics by 28.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,579,355 shares of the biopharmaceutical company's stock valued at $3,032,000 after buying an additional 350,645 shares during the last quarter. 33.92% of the stock is currently owned by institutional investors and hedge funds.

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.