Akebia Therapeutics (NASDAQ:AKBA) Trading Up 7% - Time to Buy?

Key Points

• Akebia Therapeutics (NASDAQ:AKBA) experienced a notable **7% increase** in stock price, trading at **$3.76**, despite a significant drop in trading volume.
• Analysts have a consensus rating of **"Buy"** for Akebia Therapeutics, with a price target of **$6.75** following various upgrades from multiple firms.
• The company reported **$0.03 earnings per share**, surpassing expectations, and generated revenue of **$57.34 million** for the quarter, exceeding analysts' predictions of $44.88 million.

Akebia Therapeutics, Inc. (NASDAQ:AKBA - Get Free Report) shares rose 7% on Wednesday . The company traded as high as $3.76 and last traded at $3.76. Approximately 640,459 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 4,133,906 shares. The stock had previously closed at $3.51.

Analysts Set New Price Targets

AKBA has been the topic of a number of research reports. Leerink Partners initiated coverage on shares of Akebia Therapeutics in a research note on Monday, April 28th. They issued an "outperform" rating and a $7.00 target price on the stock. Wall Street Zen upgraded shares of Akebia Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Leerink Partnrs upgraded shares of Akebia Therapeutics to a "strong-buy" rating in a report on Monday, April 28th. Finally, 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 target for the company. One research 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 stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $6.75.

Akebia Therapeutics Price Performance

The stock's fifty day moving average price is $3.61 and its 200-day moving average price is $2.64. The firm has a market cap of $980.96 million, a price-to-earnings ratio of -17.78 and a beta of 0.88. The company has a current ratio of 2.23, a quick ratio of 2.02 and a debt-to-equity ratio of 1.89.

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

Insider Activity at Akebia Therapeutics

In related news, CFO Erik Ostrowski sold 41,314 shares of Akebia Therapeutics stock in a transaction that occurred on Monday, June 30th. The shares were 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 in the company, valued at approximately $1,848,160.62. This trade represents a 7.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Richard C. Malabre sold 15,000 shares of Akebia Therapeutics stock in a transaction that occurred 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 completion of the sale, the chief accounting officer owned 266,914 shares of the company's stock, valued at $1,070,325.14. This trade represents a 5.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,648 shares of company stock valued at $258,841 in the last quarter. 3.00% of the stock is owned by insiders.

Institutional Trading of Akebia Therapeutics

Several hedge funds have recently modified their holdings of AKBA. Baird Financial Group Inc. increased its holdings in Akebia Therapeutics by 23.0% during the 1st quarter. Baird Financial Group Inc. now owns 21,393 shares of the biopharmaceutical company's stock worth $41,000 after purchasing an additional 4,000 shares during the period. PDS Planning Inc boosted its stake in shares of Akebia Therapeutics by 11.1% in the 2nd quarter. PDS Planning Inc now owns 50,000 shares of the biopharmaceutical company's stock valued at $182,000 after buying an additional 5,000 shares during the period. Unified Investment Management grew its position in shares of Akebia Therapeutics by 47.8% during the first quarter. Unified Investment Management now owns 17,000 shares of the biopharmaceutical company's stock worth $33,000 after buying an additional 5,500 shares in the last quarter. E Fund Management Co. Ltd. increased its stake in shares of Akebia Therapeutics by 51.9% during the first quarter. E Fund Management Co. Ltd. now owns 19,311 shares of the biopharmaceutical company's stock worth $37,000 after buying an additional 6,595 shares during the period. Finally, TD Waterhouse Canada Inc. increased its stake in shares of Akebia Therapeutics by 8.8% during the fourth quarter. TD Waterhouse Canada Inc. now owns 98,618 shares of the biopharmaceutical company's stock worth $187,000 after buying an additional 8,000 shares during the period. 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.