Akebia Therapeutics, Inc. $AKBA Shares Bought by Jacobs Levy Equity Management Inc.

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. increased its holdings in shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) by 28.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 approximately 0.60% of Akebia Therapeutics worth $3,032,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of 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 purchasing an additional 1,801,603 shares during the last quarter. AIGH Capital Management LLC bought a new stake in Akebia Therapeutics during the first quarter valued at about $5,616,000. Nantahala Capital Management LLC bought a new stake in Akebia Therapeutics during the first quarter valued at about $3,840,000. Informed Momentum Co LLC bought a new stake in Akebia Therapeutics during the first quarter valued at about $3,414,000. Finally, Northern Trust Corp boosted its position 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 purchasing an additional 50,542 shares in the last quarter. Hedge funds and other institutional investors own 33.92% of the company's stock.

Akebia Therapeutics Stock Performance

Shares of NASDAQ:AKBA traded down $0.04 during trading on Friday, hitting $2.95. The stock had a trading volume of 2,253,913 shares, compared to its average volume of 3,812,911. Akebia Therapeutics, Inc. has a 12-month low of $1.24 and a 12-month high of $4.08. The stock has a market capitalization of $782.16 million, a price-to-earnings ratio of -17.35 and a beta of 1.02. The company has a quick ratio of 1.84, a current ratio of 1.98 and a debt-to-equity ratio of 1.61. The stock has a 50-day simple moving average of $3.43 and a two-hundred day simple moving average of $2.87.

Insider Activity

In other news, CFO Erik Ostrowski sold 41,314 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $3.67, for a total value of $151,622.38. Following the completion of the transaction, the chief financial officer directly owned 503,586 shares in the company, valued at $1,848,160.62. This trade represents a 7.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

AKBA has been the topic of a number of recent research reports. Wall Street Zen raised Akebia Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. Zacks Research cut Akebia Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Finally, HC Wainwright initiated coverage on Akebia Therapeutics in a research note on Wednesday, June 4th. They issued a "buy" rating and a $8.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $6.75.

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.