AIGH Capital Management LLC Makes New Investment in Akebia Therapeutics, Inc. (NASDAQ:AKBA)

AIGH Capital Management LLC purchased a new position in Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,925,000 shares of the biopharmaceutical company's stock, valued at approximately $5,616,000. Akebia Therapeutics accounts for 2.3% of AIGH Capital Management LLC's investment portfolio, making the stock its 16th biggest position. AIGH Capital Management LLC owned approximately 1.12% of Akebia Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. New York State Common Retirement Fund raised its stake in shares of Akebia Therapeutics by 207.2% in the first quarter. New York State Common Retirement Fund now owns 38,400 shares of the biopharmaceutical company's stock valued at $74,000 after acquiring an additional 25,900 shares during the period. Unified Investment Management lifted 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 valued at $33,000 after buying an additional 5,500 shares during the last quarter. PDS Planning Inc raised its position in shares of Akebia Therapeutics by 200.0% in the 1st quarter. PDS Planning Inc now owns 45,000 shares of the biopharmaceutical company's stock valued at $86,000 after purchasing an additional 30,000 shares during the last quarter. Rhumbline Advisers raised its position in shares of Akebia Therapeutics by 6.3% in the 1st quarter. Rhumbline Advisers now owns 282,066 shares of the biopharmaceutical company's stock valued at $542,000 after purchasing an additional 16,677 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Akebia Therapeutics by 24.1% in the 4th quarter. Wellington Management Group LLP now owns 502,127 shares of the biopharmaceutical company's stock valued at $954,000 after purchasing an additional 97,409 shares during the last quarter. Hedge funds and other institutional investors own 33.92% of the company's stock.

Insider Buying and Selling at Akebia Therapeutics

In related news, CAO Richard C. Malabre sold 15,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $4.01, for a total value of $60,150.00. Following the sale, the chief accounting officer owned 266,914 shares in the company, valued at $1,070,325.14. This represents a 5.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Erik Ostrowski sold 41,314 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $3.67, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 69,648 shares of company stock worth $258,841 in the last ninety days. 3.00% of the stock is currently owned by company insiders.

Akebia Therapeutics Stock Up 2.0%

NASDAQ AKBA traded up $0.08 on Tuesday, reaching $3.92. The stock had a trading volume of 1,548,738 shares, compared to its average volume of 3,148,387. The business has a 50 day moving average price of $3.45 and a 200 day moving average price of $2.54. 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, Inc. has a 1 year low of $1.07 and a 1 year high of $4.08. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -18.64 and a beta of 0.88.

Akebia Therapeutics (NASDAQ:AKBA - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of ($0.03) by $0.06. The business had revenue of $57.34 million for the quarter, compared to the consensus estimate of $44.88 million. On average, analysts forecast that Akebia Therapeutics, Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Leerink Partners assumed coverage on shares of Akebia Therapeutics in a research report on Monday, April 28th. They set an "outperform" rating and a $7.00 price target for the company. HC Wainwright initiated coverage on shares of Akebia Therapeutics in a research report on Wednesday, June 4th. They set a "buy" rating and a $8.00 price target on the stock. Leerink Partnrs upgraded shares of Akebia Therapeutics to a "strong-buy" rating in a report on Monday, April 28th. Jefferies Financial Group assumed coverage on Akebia Therapeutics in a research report on Tuesday, April 1st. They issued a "buy" rating and a $6.00 target price for the company. Finally, Wall Street Zen raised Akebia Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $6.75.

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.

Want to see what other hedge funds are holding AKBA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.