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

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Akebia Therapeutics by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 12,685,803 shares of the biopharmaceutical company's stock valued at $24,357,000 after acquiring an additional 1,801,603 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Akebia Therapeutics by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,795,095 shares of the biopharmaceutical company's stock valued at $9,112,000 after acquiring an additional 40,631 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Akebia Therapeutics by 2.8% in the 4th quarter. Renaissance Technologies LLC now owns 3,823,527 shares of the biopharmaceutical company's stock valued at $7,265,000 after acquiring an additional 105,727 shares during the last quarter. AIGH Capital Management LLC purchased a new stake in Akebia Therapeutics during the first quarter valued at about $5,616,000. Finally, Northern Trust Corp lifted its stake in Akebia Therapeutics by 3.1% during the fourth quarter. Northern Trust Corp now owns 1,685,641 shares of the biopharmaceutical company's stock valued at $3,203,000 after buying an additional 50,542 shares in the last quarter. Institutional investors and hedge funds own 33.92% of the company's stock.

Insider Buying and Selling

In other Akebia Therapeutics news, CAO Richard C. Malabre sold 15,000 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $4.01, for a total transaction of $60,150.00. Following the transaction, the chief accounting officer owned 266,914 shares in the company, valued at $1,070,325.14. This trade represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Erik Ostrowski sold 41,314 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $3.67, for a total value of $151,622.38. Following the transaction, the chief financial officer owned 503,586 shares in the company, 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 sold 69,648 shares of company stock worth $258,841 in the last 90 days. 3.00% of the stock is currently owned by corporate insiders.

Akebia Therapeutics Stock Down 0.6%

NASDAQ:AKBA traded down $0.02 during mid-day trading on Wednesday, reaching $3.30. The stock had a trading volume of 3,464,612 shares, compared to its average volume of 3,836,149. The business's 50 day moving average is $3.68 and its 200 day moving average is $2.72. Akebia Therapeutics, Inc. has a fifty-two week low of $1.24 and a fifty-two week high of $4.08. The stock has a market cap of $874.96 million, a P/E ratio of -19.41 and a beta of 0.96. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.98 and a quick ratio of 1.84.

Analyst Upgrades and Downgrades

A number of research firms have commented on AKBA. Wall Street Zen raised shares of Akebia Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Leerink Partners began coverage on Akebia Therapeutics in a report on Monday, April 28th. They issued an "outperform" rating and a $7.00 target price on the stock. Leerink Partnrs upgraded Akebia Therapeutics to a "strong-buy" rating in a report on Monday, April 28th. Finally, HC Wainwright began coverage on Akebia Therapeutics in a report on Wednesday, June 4th. They issued a "buy" rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average 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.