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Akebia Therapeutics (NASDAQ:AKBA) Downgraded by Wall Street Zen to "Buy"

Akebia Therapeutics logo with Medical background

Key Points

  • Akebia Therapeutics has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, reflecting a shift in investor sentiment regarding the stock.
  • HC Wainwright has issued a "buy" rating with a target price of $8.00 after initiating coverage, while Zacks Research has lowered its rating to "hold."
  • As of recently, 33.92% of Akebia's stock is owned by hedge funds and institutional investors, with several large firms increasing their positions in the company.
  • Five stocks we like better than Akebia Therapeutics.

Wall Street Zen downgraded shares of Akebia Therapeutics (NASDAQ:AKBA - Free Report) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday morning.

A number of other analysts have also recently issued reports on the stock. Zacks Research cut shares of Akebia Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. 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 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $6.75.

Check Out Our Latest Report on Akebia Therapeutics

Akebia Therapeutics Stock Up 5.7%

NASDAQ AKBA traded up $0.16 during trading on Friday, reaching $2.96. The company's stock had a trading volume of 3,249,526 shares, compared to its average volume of 3,524,822. 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 stock has a market capitalization of $784.81 million, a PE ratio of -17.41 and a beta of 1.02. The business has a 50-day moving average price of $3.36 and a 200-day moving average price of $2.90. Akebia Therapeutics has a 1-year low of $1.24 and a 1-year high of $4.08.

Insider Transactions at Akebia Therapeutics

In related news, CFO Erik Ostrowski sold 41,314 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $3.67, for a total transaction of $151,622.38. Following the transaction, the chief financial officer owned 503,586 shares of the company's stock, valued at approximately $1,848,160.62. The trade was a 7.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On Akebia Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC increased its holdings in Akebia Therapeutics by 257.9% in the 2nd quarter. Squarepoint Ops LLC now owns 161,192 shares of the biopharmaceutical company's stock valued at $587,000 after buying an additional 116,149 shares during the period. Tower Research Capital LLC TRC increased its holdings in Akebia Therapeutics by 263.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 22,822 shares of the biopharmaceutical company's stock valued at $83,000 after buying an additional 16,535 shares during the period. E Fund Management Co. Ltd. increased its holdings in Akebia Therapeutics by 46.4% in the 2nd quarter. E Fund Management Co. Ltd. now owns 28,273 shares of the biopharmaceutical company's stock valued at $103,000 after buying an additional 8,962 shares during the period. Rafferty Asset Management LLC increased its holdings in Akebia Therapeutics by 22.9% in the 2nd quarter. Rafferty Asset Management LLC now owns 253,954 shares of the biopharmaceutical company's stock valued at $924,000 after buying an additional 47,324 shares during the period. Finally, Man Group plc bought a new stake in Akebia Therapeutics in the 2nd quarter valued at $152,000. Institutional investors own 33.92% of the company's stock.

Akebia Therapeutics Company Profile

(Get Free Report)

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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