Akebia Therapeutics (NASDAQ:AKBA) Stock Price Passes Above 50-Day Moving Average - Here's Why

Key Points

• Akebia Therapeutics' stock price crossed above its 50-day moving average of $3.63, reaching a high of $3.76 during trading.
• Analysts have given Akebia Therapeutics an average rating of "Buy" with an average target price of $6.75, indicating positive expectations for the stock.
• The company reported earnings of $0.03 per share for its last quarter, surpassing analysts' estimates and generating revenue of $57.34 million.

Akebia Therapeutics, Inc. (NASDAQ:AKBA - Get Free Report) shares crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $3.63 and traded as high as $3.76. Akebia Therapeutics shares last traded at $3.76, with a volume of 2,529,124 shares traded.

Analyst Ratings Changes

A number of research firms have recently issued reports on AKBA. Leerink Partners began coverage on Akebia Therapeutics in a research report on Monday, April 28th. They set an "outperform" rating and a $7.00 price target on the stock. Leerink Partnrs raised Akebia Therapeutics to a "strong-buy" rating in a research report on Monday, April 28th. HC Wainwright initiated coverage on Akebia Therapeutics in a research note on Wednesday, June 4th. They issued a "buy" rating and a $8.00 target price on the stock. Finally, Wall Street Zen upgraded Akebia Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $6.75.

Akebia Therapeutics Price Performance

The company has a quick ratio of 2.02, a current ratio of 2.23 and a debt-to-equity ratio of 1.89. The company has a market cap of $898.23 million, a PE ratio of -20.12 and a beta of 0.96. The firm has a 50 day simple moving average of $3.69 and a 200-day simple moving average of $2.70.

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

Insider Activity

In other Akebia Therapeutics news, CFO Erik Ostrowski sold 41,314 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $3.67, for a total value of $151,622.38. Following the completion of the sale, the chief financial officer owned 503,586 shares of the company's stock, valued at approximately $1,848,160.62. This trade represents a 7.58% 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, CAO Richard C. Malabre sold 15,000 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $4.01, for a total value of $60,150.00. Following the completion of the sale, the chief accounting officer directly owned 266,914 shares of the company's stock, valued at approximately $1,070,325.14. This represents a 5.32% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 69,648 shares of company stock valued at $258,841. Corporate insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Akebia Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new position in shares of Akebia Therapeutics in the fourth quarter worth about $85,000. Vanguard Group Inc. raised its stake in shares of Akebia Therapeutics by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 10,884,200 shares of the biopharmaceutical company's stock worth $20,680,000 after purchasing an additional 813,902 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Akebia Therapeutics by 363.0% in the fourth quarter. JPMorgan Chase & Co. now owns 456,294 shares of the biopharmaceutical company's stock worth $867,000 after purchasing an additional 357,748 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Akebia Therapeutics by 24.1% in the fourth quarter. Wellington Management Group LLP now owns 502,127 shares of the biopharmaceutical company's stock worth $954,000 after purchasing an additional 97,409 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Akebia Therapeutics by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,795,095 shares of the biopharmaceutical company's stock worth $9,112,000 after purchasing an additional 40,631 shares during the last quarter. Institutional investors and hedge funds own 33.92% of the company's stock.

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.