Monashee Investment Management LLC Buys Shares of 1,500,000 Akebia Therapeutics, Inc. $AKBA

Key Points

• Monashee Investment Management LLC acquired 1,500,000 shares of Akebia Therapeutics, valued at approximately $2.88 million, representing roughly 0.57% ownership in the company.
• Several large investors, including Bank of America Corp and Deutsche Bank AG, increased their stakes in Akebia during the fourth quarter, highlighting growing institutional interest.
• Analyst ratings for Akebia fluctuate, with one firm recently downgrading the stock from "strong-buy" to "hold," while others maintain a consensus "buy" rating with an average target price of $6.75.

Monashee Investment Management LLC purchased a new stake in shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,500,000 shares of the biopharmaceutical company's stock, valued at approximately $2,880,000. Monashee Investment Management LLC owned approximately 0.57% of Akebia Therapeutics at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Mariner LLC acquired a new stake in Akebia Therapeutics during the fourth quarter valued at $28,000. Unified Investment Management lifted its position in shares of Akebia Therapeutics by 47.8% during the 1st 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 during the last quarter. E Fund Management Co. Ltd. lifted its position in shares of Akebia Therapeutics by 51.9% during the 1st quarter. E Fund Management Co. Ltd. now owns 19,311 shares of the biopharmaceutical company's stock worth $37,000 after purchasing an additional 6,595 shares during the last quarter. Aquatic Capital Management LLC bought a new position in Akebia Therapeutics during the fourth quarter valued at about $47,000. Finally, New York State Common Retirement Fund increased 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 acquiring an additional 25,900 shares during the period. Institutional investors and hedge funds own 33.92% of the company's stock.

Insider Transactions at Akebia Therapeutics

In related news, CAO Richard C. Malabre sold 15,000 shares of Akebia Therapeutics stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $4.01, for a total value of $60,150.00. Following the sale, the chief accounting officer owned 266,914 shares of the company's stock, valued at approximately $1,070,325.14. The trade was a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Erik Ostrowski sold 41,314 shares of Akebia Therapeutics stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $3.67, for a total value of $151,622.38. Following the completion of the sale, the chief financial officer directly owned 503,586 shares in the company, valued at approximately $1,848,160.62. This represents a 7.58% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,648 shares of company stock worth $258,841. 3.00% of the stock is owned by company insiders.

Akebia Therapeutics Stock Up 0.8%

Shares of NASDAQ:AKBA traded up $0.03 during midday trading on Tuesday, reaching $3.06. The company had a trading volume of 808,624 shares, compared to its average volume of 4,127,218. 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 business's 50 day moving average price is $3.59 and its 200 day moving average price is $2.78. The stock has a market cap of $810.00 million, a PE ratio of -17.97 and a beta of 0.96. Akebia Therapeutics, Inc. has a 1-year low of $1.24 and a 1-year high of $4.08.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. HC Wainwright assumed coverage on Akebia Therapeutics in a research note on Wednesday, June 4th. They issued a "buy" rating and a $8.00 price objective on the stock. Wall Street Zen upgraded Akebia Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Zacks Research cut shares of Akebia Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Leerink Partners started coverage on Akebia Therapeutics in a research report on Monday, April 28th. They issued an "outperform" rating and a $7.00 price objective on the stock. Finally, Leerink Partnrs upgraded Akebia Therapeutics to a "strong-buy" rating in a research report on Monday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average 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.