Abrams Capital Management L.P. Invests $9.88 Million in Akebia Therapeutics Inc (AKBA) Stock

Abrams Capital Management L.P. purchased a new stake in shares of Akebia Therapeutics Inc (NASDAQ:AKBA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,119,286 shares of the biopharmaceutical company’s stock, valued at approximately $9,883,000. Akebia Therapeutics comprises about 0.3% of Abrams Capital Management L.P.’s investment portfolio, making the stock its 22nd largest position. Abrams Capital Management L.P. owned about 1.96% of Akebia Therapeutics at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY lifted its holdings in Akebia Therapeutics by 46.4% during the 2nd 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 during the last quarter. Rhumbline Advisers lifted its holdings in Akebia Therapeutics by 16.1% during the 2nd 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 during the last quarter. California Public Employees Retirement System lifted its holdings in Akebia Therapeutics by 10.9% during the 2nd 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 during the last quarter. Russell Investments Group Ltd. lifted its holdings in Akebia Therapeutics by 29.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 30,432 shares of the biopharmaceutical company’s stock valued at $268,000 after purchasing an additional 6,860 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in Akebia Therapeutics by 43.0% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 36,534 shares of the biopharmaceutical company’s stock valued at $365,000 after purchasing an additional 10,978 shares during the last quarter. 69.07% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ AKBA opened at $7.17 on Friday. Akebia Therapeutics Inc has a 1-year low of $6.68 and a 1-year high of $16.43. The stock has a market capitalization of $395.99 million, a price-to-earnings ratio of -4.05 and a beta of 1.10.

Akebia Therapeutics (NASDAQ:AKBA) last posted its quarterly earnings results on Thursday, November 8th. The biopharmaceutical company reported ($0.46) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.64) by $0.18. The business had revenue of $53.17 million during the quarter, compared to the consensus estimate of $39.71 million. Akebia Therapeutics had a negative net margin of 30.29% and a negative return on equity of 45.61%. On average, sell-side analysts anticipate that Akebia Therapeutics Inc will post -2.44 EPS for the current year.

Several equities analysts recently issued reports on AKBA shares. ValuEngine raised shares of Akebia Therapeutics from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. Zacks Investment Research raised shares of Akebia Therapeutics from a “hold” rating to a “buy” rating and set a $8.75 price target for the company in a report on Wednesday, August 15th. Raymond James started coverage on shares of Akebia Therapeutics in a report on Monday, August 13th. They set a “buy” rating and a $18.00 price target for the company. Needham & Company LLC cut their price target on shares of Akebia Therapeutics from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 10th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $13.00 target price on shares of Akebia Therapeutics in a research note on Thursday, August 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $18.75.

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Akebia Therapeutics Company Profile

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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Institutional Ownership by Quarter for Akebia Therapeutics (NASDAQ:AKBA)

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