Mackenzie Financial Corp Purchases 102,166 Shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Key Points

• Mackenzie Financial Corp increased its holdings in Akebia Therapeutics by 75.5%, acquiring an additional 102,166 shares during the first quarter, bringing its total to 237,558 shares valued at $456,000.
• Akebia's stock rose 13.6% to $3.42, with a trading volume significantly higher than its average, and the company currently has a market capitalization of $898.23 million.
• Analysts have mixed rated Akebia Therapeutics, with one investment analyst giving it a "strong buy" and a target price of $8.00, while MarketBeat.com notes an average price target of $6.75.

Mackenzie Financial Corp raised its position in shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) by 75.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 237,558 shares of the biopharmaceutical company's stock after purchasing an additional 102,166 shares during the quarter. Mackenzie Financial Corp owned 0.09% of Akebia Therapeutics worth $456,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Akebia Therapeutics by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 10,884,200 shares of the biopharmaceutical company's stock valued at $20,680,000 after acquiring an additional 813,902 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Akebia Therapeutics by 0.9% during 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 in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Akebia Therapeutics by 2.8% during 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 in the last quarter. AIGH Capital Management LLC purchased a new position in shares of Akebia Therapeutics during the 1st quarter valued at $5,616,000. Finally, Northern Trust Corp grew its holdings in shares of Akebia Therapeutics by 3.1% during the 4th quarter. Northern Trust Corp now owns 1,685,641 shares of the biopharmaceutical company's stock valued at $3,203,000 after acquiring an additional 50,542 shares in the last quarter. 33.92% of the stock is owned by institutional investors and hedge funds.

Akebia Therapeutics Stock Down 0.7%

NASDAQ:AKBA traded down $0.03 during trading hours on Tuesday, reaching $3.33. The company's stock had a trading volume of 877,788 shares, compared to its average volume of 4,169,995. The company has a market cap of $881.59 million, a price-to-earnings ratio of -19.56 and a beta of 0.96. Akebia Therapeutics, Inc. has a one year low of $1.23 and a one year high of $4.08. The business's 50-day moving average is $3.69 and its 200-day moving average is $2.71. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.98 and a quick ratio of 1.84.

Insiders Place Their Bets

In other Akebia Therapeutics news, CFO Erik Ostrowski sold 41,314 shares of the company's 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 directly owned 503,586 shares in the company, valued at $1,848,160.62. This represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Richard C. Malabre sold 15,000 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $4.01, for a total transaction of $60,150.00. Following the sale, the chief accounting officer owned 266,914 shares of the company's stock, valued at $1,070,325.14. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 69,648 shares of company stock valued at $258,841 over the last quarter. 3.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AKBA has been the topic of several research analyst reports. HC Wainwright initiated coverage on shares of Akebia Therapeutics in a report on Wednesday, June 4th. They set a "buy" rating and a $8.00 price target on the stock. Leerink Partnrs upgraded shares of Akebia Therapeutics to a "strong-buy" rating in a report on Monday, April 28th. Wall Street Zen upgraded shares of Akebia Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Finally, Leerink Partners initiated coverage on shares of Akebia Therapeutics in a report on Monday, April 28th. They issued an "outperform" rating and a $7.00 price objective for the company. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average 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.