Akebia Therapeutics (NASDAQ:AKBA) Shares Gap Down - Here's Why

Key Points

• Akebia Therapeutics' shares gapped down from $3.79 to $3.21, trading at $3.19 with a volume of over 4 million shares.
• Analyst ratings are mixed, with a consensus rating of "Buy" and a price target of $6.75, while individual reports range from "sell" to "strong buy."
• The company reported a quarterly EPS of $0.03, beating expectations, with revenue of $57.34 million versus the projected $44.88 million.

Akebia Therapeutics, Inc. (NASDAQ:AKBA - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $3.79, but opened at $3.21. Akebia Therapeutics shares last traded at $3.19, with a volume of 4,144,247 shares.

Wall Street Analysts Forecast Growth

Several analysts recently commented on AKBA shares. Wall Street Zen raised shares of Akebia Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Leerink Partnrs raised shares of Akebia Therapeutics to a "strong-buy" rating in a report on Monday, April 28th. HC Wainwright began coverage on shares of Akebia Therapeutics in a research report on Wednesday, June 4th. They issued a "buy" rating and a $8.00 target price for the company. Finally, Leerink Partners began coverage on shares of Akebia Therapeutics in a research report on Monday, April 28th. They issued an "outperform" rating and a $7.00 target price for the company. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $6.75.

Akebia Therapeutics Stock Performance

The company has a current ratio of 1.98, a quick ratio of 1.84 and a debt-to-equity ratio of 1.61. The company's 50-day simple moving average is $3.69 and its 200-day simple moving average is $2.71. The stock has a market capitalization of $888.22 million, a price-to-earnings ratio of -19.70 and a beta of 0.96.

Akebia Therapeutics (NASDAQ:AKBA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biopharmaceutical company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.06. The firm had revenue of $57.34 million during the quarter, compared to the consensus estimate of $44.88 million. On average, analysts expect that Akebia Therapeutics, Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Richard C. Malabre sold 15,000 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $4.01, for a total transaction of $60,150.00. Following the transaction, the chief accounting officer directly owned 266,914 shares of the company's stock, valued at $1,070,325.14. This represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Erik Ostrowski sold 41,314 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $3.67, for a total transaction of $151,622.38. Following the transaction, the chief financial officer directly owned 503,586 shares in the company, valued at approximately $1,848,160.62. This represents a 7.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 69,648 shares of company stock worth $258,841. Insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Mariner LLC bought a new position in shares of Akebia Therapeutics in the fourth quarter valued at $28,000. Unified Investment Management lifted its stake in shares of Akebia Therapeutics by 47.8% in the first quarter. Unified Investment Management now owns 17,000 shares of the biopharmaceutical company's stock valued at $33,000 after buying an additional 5,500 shares in the last quarter. E Fund Management Co. Ltd. raised its holdings in shares of Akebia Therapeutics by 51.9% in the first quarter. E Fund Management Co. Ltd. now owns 19,311 shares of the biopharmaceutical company's stock valued at $37,000 after purchasing an additional 6,595 shares during the last quarter. Abel Hall LLC purchased a new stake in shares of Akebia Therapeutics in the second quarter valued at about $39,000. Finally, Baird Financial Group Inc. raised its holdings in shares of Akebia Therapeutics by 23.0% in the first quarter. Baird Financial Group Inc. now owns 21,393 shares of the biopharmaceutical company's stock valued at $41,000 after purchasing an additional 4,000 shares during the last quarter. 33.92% of the stock is owned by institutional investors.

Akebia Therapeutics Company Profile

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.