Akebia Therapeutics, Inc. $AKBA Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Akebia Therapeutics stake by 49% in the first quarter, selling 1.76 million shares and retaining 1.83 million shares valued at approximately $2.55 million. Institutional investors collectively own 33.92% of the company.
• Akebia reported quarterly revenue of $49.13 million and an adjusted loss of $0.02 per share, beating analysts’ estimates of $48.85 million in revenue and a $0.04-per-share loss.
• AKBA opened at $0.91, near its 52-week low of $0.82, while analyst sentiment remains mixed: the stock carries an average “Hold” rating and a consensus price target of $3.75.

Renaissance Technologies LLC reduced its stake in shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) by 49.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,833,128 shares of the biopharmaceutical company's stock after selling 1,760,005 shares during the quarter. Renaissance Technologies LLC owned about 0.68% of Akebia Therapeutics worth $2,548,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Cibc World Markets Corp acquired a new position in Akebia Therapeutics during the 4th quarter valued at about $27,000. Brevan Howard Capital Management LP acquired a new stake in shares of Akebia Therapeutics in the 2nd quarter worth approximately $62,000. Polymer Capital Management US LLC boosted its holdings in shares of Akebia Therapeutics by 49.5% in the third quarter. Polymer Capital Management US LLC now owns 18,232 shares of the biopharmaceutical company's stock valued at $50,000 after acquiring an additional 6,034 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Akebia Therapeutics by 697.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 20,622 shares of the biopharmaceutical company's stock valued at $33,000 after acquiring an additional 18,037 shares during the period. Finally, Baird Financial Group Inc. increased its stake in shares of Akebia Therapeutics by 23.0% during the first quarter. Baird Financial Group Inc. now owns 21,393 shares of the biopharmaceutical company's stock valued at $41,000 after acquiring an additional 4,000 shares during the period. Institutional investors and hedge funds own 33.92% of the company's stock.

Akebia Therapeutics Price Performance

NASDAQ AKBA opened at $0.91 on Monday. Akebia Therapeutics, Inc. has a 1 year low of $0.82 and a 1 year high of $3.44. The business's fifty day moving average is $1.16 and its two-hundred day moving average is $1.26. The stock has a market capitalization of $252.14 million, a P/E ratio of -8.27 and a beta of 0.26. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.35 and a current ratio of 1.43.

Akebia Therapeutics (NASDAQ:AKBA - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The business had revenue of $49.13 million during the quarter, compared to analyst estimates of $48.85 million. Akebia Therapeutics had a negative return on equity of 88.88% and a negative net margin of 13.54%. On average, research analysts forecast that Akebia Therapeutics, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Activity at Akebia Therapeutics

In related news, CFO Erik Ostrowski sold 56,019 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $1.11, for a total value of $62,181.09. Following the completion of the transaction, the chief financial officer owned 616,616 shares in the company, valued at $684,443.76. This trade represents a 8.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AKBA has been the subject of a number of research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Akebia Therapeutics in a research note on Monday, August 3rd. Leerink Partners downgraded Akebia Therapeutics from an "outperform" rating to a "market perform" rating and set a $1.00 price objective on the stock. in a research note on Friday. HC Wainwright restated a "buy" rating on shares of Akebia Therapeutics in a report on Thursday. Wall Street Zen lowered Akebia Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Zacks Research upgraded shares of Akebia Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 7th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $3.75.

Akebia Therapeutics Profile

Akebia Therapeutics, Inc, a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, is focused on the development and commercialization of therapies for patients with kidney disease. The company's lead product candidate, vadadustat, is an investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor designed to treat anemia associated with chronic kidney disease in both dialysis-dependent and non-dialysis patients. Akebia's research and development efforts also extend to preclinical programs targeting nephrology and related metabolic disorders.

Since its founding in 2007, Akebia has pursued strategic collaborations to advance its clinical pipeline and expand its market reach.

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