Akebia Therapeutics (AKBA) Sees Large Volume Increase Following Strong Earnings

Akebia Therapeutics Inc (NASDAQ:AKBA) shares saw an uptick in trading volume on Friday following a stronger than expected earnings report. 2,579,676 shares were traded during trading, an increase of 430% from the previous session’s volume of 486,410 shares.The stock last traded at $8.96 and had previously closed at $8.20.

The biopharmaceutical company reported ($0.46) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.64) by $0.18. Akebia Therapeutics had a negative net margin of 30.60% and a negative return on equity of 46.95%. The business had revenue of $53.17 million for the quarter, compared to analyst estimates of $39.71 million.

Several brokerages recently weighed in on AKBA. BidaskClub lowered shares of Akebia Therapeutics from a “sell” rating to a “strong sell” rating in a report on Friday, November 2nd. ValuEngine upgraded shares of Akebia Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. Zacks Investment Research lowered shares of Akebia Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. Needham & Company LLC cut their price objective on shares of Akebia Therapeutics from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 10th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $13.00 price objective on shares of Akebia Therapeutics in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $18.75.

A number of large investors have recently modified their holdings of the business. Northern Trust Corp increased its stake in Akebia Therapeutics by 1.0% in the first quarter. Northern Trust Corp now owns 518,839 shares of the biopharmaceutical company’s stock valued at $4,944,000 after purchasing an additional 5,383 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Akebia Therapeutics by 46.4% in the second quarter. Metropolitan Life Insurance Co. NY now owns 20,759 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 6,578 shares in the last quarter. Rhumbline Advisers increased its stake in Akebia Therapeutics by 16.1% in the second quarter. Rhumbline Advisers now owns 47,647 shares of the biopharmaceutical company’s stock valued at $476,000 after purchasing an additional 6,605 shares in the last quarter. California Public Employees Retirement System increased its stake in Akebia Therapeutics by 10.9% in the second quarter. California Public Employees Retirement System now owns 67,626 shares of the biopharmaceutical company’s stock valued at $675,000 after purchasing an additional 6,626 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Akebia Therapeutics by 16.8% in the first quarter. Russell Investments Group Ltd. now owns 46,209 shares of the biopharmaceutical company’s stock valued at $440,000 after purchasing an additional 6,663 shares in the last quarter. 75.26% of the stock is owned by hedge funds and other institutional investors.

The company has a market cap of $427.37 million, a P/E ratio of -5.06 and a beta of 1.10.

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Akebia Therapeutics Company Profile (NASDAQ:AKBA)

Akebia Therapeutics, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for patients with renal disease through hypoxia-inducible factor (HIF) biology. Its lead product candidate is vadadustat, an oral therapy, which is in Phase III development for the treatment of anemia due to chronic kidney disease in dialysis and non-dialysis patients.

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