Informed Momentum Co LLC Makes New $3.41 Million Investment in Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Key Points

• Informed Momentum Co LLC made a significant investment of $3.41 million in Akebia Therapeutics, acquiring 1,777,911 shares and owning 0.68% of the company by the end of the reporting period.
• Several institutional investors have increased their stakes, including Unified Investment Management, which grew its position in Akebia by 47.8%, reinforcing investor confidence.
• Analysts have set an average price target of $6.75 for Akebia shares, with a majority rating the stock as a "buy," indicating positive market sentiment for the company's future prospects.

Informed Momentum Co LLC purchased a new stake in Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,777,911 shares of the biopharmaceutical company's stock, valued at approximately $3,414,000. Informed Momentum Co LLC owned about 0.68% of Akebia Therapeutics at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of AKBA. AIGH Capital Management LLC purchased a new position in Akebia Therapeutics during the first quarter worth approximately $5,616,000. Vanguard Group Inc. increased its stake in Akebia Therapeutics by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 12,685,803 shares of the biopharmaceutical company's stock worth $24,357,000 after buying an additional 1,801,603 shares during the period. JPMorgan Chase & Co. increased its stake in Akebia Therapeutics by 363.0% during the 4th quarter. JPMorgan Chase & Co. now owns 456,294 shares of the biopharmaceutical company's stock worth $867,000 after buying an additional 357,748 shares during the period. Bank of America Corp DE grew its holdings in Akebia Therapeutics by 117.9% during the 4th quarter. Bank of America Corp DE now owns 543,916 shares of the biopharmaceutical company's stock worth $1,033,000 after acquiring an additional 294,343 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in Akebia Therapeutics during the 4th quarter worth $521,000. Institutional investors and hedge funds own 33.92% of the company's stock.

Analyst Ratings Changes

AKBA has been the subject of several research reports. HC Wainwright initiated coverage on shares of Akebia Therapeutics in a report on Wednesday, June 4th. They issued a "buy" rating and a $8.00 price target for the company. Leerink Partnrs upgraded shares of Akebia Therapeutics to a "strong-buy" rating in a research report on Monday, April 28th. Wall Street Zen upgraded shares of Akebia Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Finally, Leerink Partners started 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 on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Akebia Therapeutics currently has a consensus rating of "Buy" and an average price target of $6.75.

Akebia Therapeutics Price Performance

Shares of AKBA stock traded down $0.04 during mid-day trading on Friday, reaching $3.25. The company's stock had a trading volume of 3,696,682 shares, compared to its average volume of 3,951,101. Akebia Therapeutics, Inc. has a 1-year low of $1.24 and a 1-year high of $4.08. The company has a market cap of $861.72 million, a P/E ratio of -19.12 and a beta of 0.96. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.84 and a current ratio of 1.98. The firm's 50-day moving average is $3.66 and its two-hundred day moving average is $2.73.

Insider Transactions at Akebia Therapeutics

In related news, 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 in the company, valued at $1,848,160.62. This trade represents a 7.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Richard C. Malabre sold 15,000 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $4.01, for a total transaction of $60,150.00. Following the sale, the chief accounting officer directly owned 266,914 shares in the company, valued at approximately $1,070,325.14. This represents a 5.32% 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 valued at $258,841 in the last quarter. 3.00% of the stock is currently owned by corporate insiders.

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.