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

Key Points

• Akebia Therapeutics' stock price recently surpassed its 50-day moving average, reaching a trading high of $3.18, with shares currently trading at $3.12.
• Analyst ratings for the stock show a mixed outlook, with one analyst maintaining a Strong Buy rating, while others have downgraded the stock from "strong-buy" to "hold" or "sell." The consensus target price remains at $6.75.
• Institutional investors own 33.92% of Akebia Therapeutics stock, with notable acquisitions from several hedge funds in recent months, indicating significant interest in the company.

Akebia Therapeutics, Inc. (NASDAQ:AKBA - Get Free Report) shares passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $2.96 and traded as high as $3.18. Akebia Therapeutics shares last traded at $3.12, with a volume of 3,392,529 shares trading hands.

Analyst Ratings Changes

Several research firms have commented on AKBA. Zacks Research cut Akebia Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Akebia Therapeutics in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Akebia Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.75.

Akebia Therapeutics Stock Down 1.3%

The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.84 and a current ratio of 1.98. The firm has a market cap of $827.25 million, a PE ratio of -18.35 and a beta of 0.68. The stock has a fifty day moving average price of $2.96 and a 200-day moving average price of $3.04.

Hedge Funds Weigh In On Akebia Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of AKBA. AIGH Capital Management LLC acquired a new position in shares of Akebia Therapeutics in the 1st quarter valued at approximately $5,616,000. MPM Bioimpact LLC acquired a new position in shares of Akebia Therapeutics in the 2nd quarter valued at approximately $10,516,000. Woodline Partners LP acquired a new position in shares of Akebia Therapeutics in the 1st quarter valued at approximately $4,772,000. Nantahala Capital Management LLC acquired a new position in shares of Akebia Therapeutics in the 1st quarter valued at approximately $3,840,000. Finally, Vanguard Group Inc. raised its position in shares of Akebia Therapeutics by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 12,685,803 shares of the biopharmaceutical company's stock valued at $24,357,000 after purchasing an additional 1,801,603 shares in the last quarter. 33.92% of the stock is 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.

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