Akebia Therapeutics (NASDAQ:AKBA) Shares Pass Above Fifty Day Moving Average – Here’s What Happened

Akebia Therapeutics, Inc. (NASDAQ:AKBA)’s stock price passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $1.11 and traded as high as $1.41. Akebia Therapeutics shares last traded at $1.40, with a volume of 3,057,084 shares changing hands.

Analyst Ratings Changes

Several research analysts recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Akebia Therapeutics in a research report on Wednesday, May 6th. Wall Street Zen downgraded Akebia Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Zacks Research raised Akebia Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 7th. BTIG Research reiterated a “buy” rating and issued a $4.00 target price on shares of Akebia Therapeutics in a report on Tuesday, April 7th. Finally, HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Akebia Therapeutics in a research report on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.67.

Akebia Therapeutics Price Performance

The company has a current ratio of 1.40, a quick ratio of 1.33 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $375.56 million, a PE ratio of -17.50 and a beta of 0.23. The stock’s 50-day moving average is $1.11 and its two-hundred day moving average is $1.29.

Akebia Therapeutics (NASDAQ:AKBA) last announced its quarterly earnings data on Thursday, May 7th. The biopharmaceutical company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). Akebia Therapeutics had a negative return on equity of 62.72% and a negative net margin of 8.83%.The firm had revenue of $53.54 million during the quarter, compared to the consensus estimate of $51.67 million. On average, equities analysts predict that Akebia Therapeutics, Inc. will post -0.1 EPS for the current year.

Insider Activity

In related news, CFO Erik Ostrowski sold 56,019 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $1.11, for a total transaction of $62,181.09. Following the completion of the sale, the chief financial officer directly owned 616,616 shares of the company’s stock, valued at approximately $684,443.76. This trade represents a 8.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Akebia Therapeutics

Hedge funds have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. increased its stake in Akebia Therapeutics by 32.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 839,729 shares of the biopharmaceutical company’s stock worth $957,000 after purchasing an additional 206,476 shares during the period. Bank of America Corp DE boosted its stake in shares of Akebia Therapeutics by 22.4% during the first quarter. Bank of America Corp DE now owns 2,763,362 shares of the biopharmaceutical company’s stock valued at $3,841,000 after purchasing an additional 505,951 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Akebia Therapeutics during the first quarter valued at $206,000. Y Intercept Hong Kong Ltd bought a new position in shares of Akebia Therapeutics in the first quarter worth about $59,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Akebia Therapeutics by 697.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 20,622 shares of the biopharmaceutical company’s stock worth $33,000 after purchasing an additional 18,037 shares during the last quarter. Institutional investors own 33.92% of the company’s stock.

Akebia Therapeutics Company Profile

Akebia Therapeutics, Inc, a clinical-stage biopharmaceutical company headquartered in Cambridge, Massachusetts, is focused on the development and commercialization of therapies for patients with kidney disease. The company’s lead product candidate, vadadustat, is an investigational oral hypoxia-inducible factor prolyl hydroxylase inhibitor designed to treat anemia associated with chronic kidney disease in both dialysis-dependent and non-dialysis patients. Akebia’s research and development efforts also extend to preclinical programs targeting nephrology and related metabolic disorders.

Since its founding in 2007, Akebia has pursued strategic collaborations to advance its clinical pipeline and expand its market reach.