Jacobs Levy Equity Management Inc. Has $3.03 Million Stake in Akebia Therapeutics, Inc. $AKBA

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Akebia Therapeutics by 28.5%, owning approximately 1.58 million shares valued at about $3.03 million.
• A variety of other hedge funds have also adjusted their positions, with Bank of America increasing its stake by 117.9% and new investments from Monashee Investment Management and AIGH Capital Management.
• Despite the positive institutional interest, Akebia Therapeutics' stock price has declined 4.2% and currently trades at $3.00, with a 52-week range from $1.24 to $4.08.

Jacobs Levy Equity Management Inc. lifted its holdings in Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) by 28.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,579,355 shares of the biopharmaceutical company's stock after purchasing an additional 350,645 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.60% of Akebia Therapeutics worth $3,032,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Unified Investment Management grew its stake in shares of Akebia Therapeutics by 47.8% in the first quarter. Unified Investment Management now owns 17,000 shares of the biopharmaceutical company's stock worth $33,000 after purchasing an additional 5,500 shares in the last quarter. E Fund Management Co. Ltd. boosted its stake in Akebia Therapeutics by 51.9% during the first quarter. E Fund Management Co. Ltd. now owns 19,311 shares of the biopharmaceutical company's stock valued at $37,000 after buying an additional 6,595 shares in the last quarter. Baird Financial Group Inc. boosted its stake in 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 buying an additional 4,000 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Akebia Therapeutics by 207.2% during 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 buying an additional 25,900 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Akebia Therapeutics during the fourth quarter valued at about $85,000. Institutional investors own 33.92% of the company's stock.

Akebia Therapeutics Stock Up 0.5%

AKBA stock traded up $0.02 during mid-day trading on Monday, hitting $2.97. The stock had a trading volume of 572,265 shares, compared to its average volume of 4,121,655. The company has a current ratio of 1.98, a quick ratio of 1.84 and a debt-to-equity ratio of 1.61. Akebia Therapeutics, Inc. has a 1-year low of $1.24 and a 1-year high of $4.08. The company has a fifty day moving average of $3.43 and a 200 day moving average of $2.89. The stock has a market capitalization of $786.14 million, a price-to-earnings ratio of -17.44 and a beta of 1.02.

Wall Street Analysts Forecast Growth

AKBA has been the subject of several research reports. Wall Street Zen cut Akebia Therapeutics from a "strong-buy" rating to a "buy" rating in a research note on Saturday. HC Wainwright initiated coverage on Akebia Therapeutics in a research note on Wednesday, June 4th. They set a "buy" rating and a $8.00 target price for the company. Finally, Zacks Research cut Akebia Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold 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.

Insider Activity at Akebia Therapeutics

In other news, CFO Erik Ostrowski sold 41,314 shares of the stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $3.67, for a total transaction of $151,622.38. Following the transaction, the chief financial officer owned 503,586 shares of the company's stock, valued at approximately $1,848,160.62. This represents a 7.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.00% of the company's stock.

Akebia Therapeutics 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.