Nantahala Capital Management LLC Invests $3.84 Million in Akebia Therapeutics, Inc. $AKBA

Key Points

• Nantahala Capital Management LLC purchased **2,000,000 shares**, valued at approximately **$3.84 million**, in Akebia Therapeutics, increasing its ownership to **0.76%** of the company.
• Institutional investors own about **33.92%** of Akebia Therapeutics, with several funds increasing their positions significantly in recent quarters.
• Akebia's stock currently holds an average analyst rating of **"Buy"** with a consensus price target of **$6.75**, despite a recent downgrade from Zacks Research.

Nantahala Capital Management LLC bought a new stake in Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,000,000 shares of the biopharmaceutical company's stock, valued at approximately $3,840,000. Nantahala Capital Management LLC owned 0.76% of Akebia Therapeutics at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Baird Financial Group Inc. increased its stake in Akebia Therapeutics by 23.0% in the 1st quarter. Baird Financial Group Inc. now owns 21,393 shares of the biopharmaceutical company's stock worth $41,000 after acquiring an additional 4,000 shares during the last quarter. State of Wyoming purchased a new stake in Akebia Therapeutics in the 1st quarter worth approximately $114,000. Affinity Asset Advisors LLC bought a new position in shares of Akebia Therapeutics in the 1st quarter worth approximately $2,880,000. Rafferty Asset Management LLC raised its position in shares of Akebia Therapeutics by 15.0% in the 1st quarter. Rafferty Asset Management LLC now owns 206,630 shares of the biopharmaceutical company's stock worth $397,000 after acquiring an additional 26,878 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in Akebia Therapeutics by 13.6% during the 1st quarter. MetLife Investment Management LLC now owns 118,164 shares of the biopharmaceutical company's stock valued at $227,000 after buying an additional 14,134 shares in the last quarter. 33.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AKBA has been the subject of a number of research analyst reports. Zacks Research lowered Akebia Therapeutics from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Wall Street Zen upgraded Akebia Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Friday. Finally, HC Wainwright assumed coverage on Akebia Therapeutics in a report on Wednesday, June 4th. They set 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 given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $6.75.

Insiders Place Their Bets

In related news, CFO Erik Ostrowski sold 41,314 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $3.67, for a total value of $151,622.38. Following the transaction, the chief financial officer directly owned 503,586 shares of the company's stock, valued at $1,848,160.62. This represents a 7.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Richard C. Malabre sold 15,000 shares of the company's 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 completion of the sale, the chief accounting officer directly owned 266,914 shares in the company, valued at approximately $1,070,325.14. The trade was a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company's stock.

Akebia Therapeutics Trading Down 2.0%

Shares of NASDAQ AKBA traded down $0.06 during trading hours on Friday, reaching $2.96. The stock had a trading volume of 5,954,291 shares, compared to its average volume of 3,737,885. 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 firm has a market cap of $784.83 million, a price-to-earnings ratio of -17.41 and a beta of 1.02. The business's fifty day moving average price is $3.49 and its two-hundred day moving average price is $2.83. Akebia Therapeutics, Inc. has a 52-week low of $1.24 and a 52-week high of $4.08.

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.