Akebia Therapeutics (NASDAQ:AKBA) Shares Gap Up After Insider Buying Activity

Akebia Therapeutics Inc (NASDAQ:AKBA) shares gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $3.09, but opened at $3.34. Akebia Therapeutics shares last traded at $3.46, with a volume of 2,994,800 shares traded.

Specifically, CEO John P. Butler acquired 50,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average price of $3.44 per share, for a total transaction of $172,000.00. Following the completion of the purchase, the chief executive officer now directly owns 63,700 shares of the company’s stock, valued at approximately $219,128. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.66% of the company’s stock.

AKBA has been the topic of several research reports. Needham & Company LLC cut their price objective on Akebia Therapeutics from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Mizuho reiterated a “buy” rating and set a $16.00 price target on shares of Akebia Therapeutics in a research report on Tuesday. HC Wainwright dropped their price target on Akebia Therapeutics from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday. ValuEngine upgraded Akebia Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, BidaskClub cut Akebia Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $12.71.

The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $399.65 million, a price-to-earnings ratio of -1.42 and a beta of 1.51. The firm has a 50-day moving average of $3.92 and a 200 day moving average of $4.40.

Akebia Therapeutics (NASDAQ:AKBA) last posted its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.09). Akebia Therapeutics had a negative net margin of 75.39% and a negative return on equity of 32.74%. The business had revenue of $91.98 million during the quarter, compared to analyst estimates of $93.94 million. Equities research analysts predict that Akebia Therapeutics Inc will post -1.56 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Aperio Group LLC acquired a new stake in Akebia Therapeutics in the 2nd quarter valued at approximately $31,000. Tower Research Capital LLC TRC acquired a new stake in Akebia Therapeutics in the 3rd quarter valued at approximately $30,000. Wedbush Securities Inc. acquired a new stake in Akebia Therapeutics in the 2nd quarter valued at approximately $52,000. AQR Capital Management LLC bought a new position in Akebia Therapeutics during the 2nd quarter valued at $54,000. Finally, Bank of Montreal Can boosted its stake in Akebia Therapeutics by 1,478.7% during the 2nd quarter. Bank of Montreal Can now owns 11,856 shares of the biopharmaceutical company’s stock valued at $57,000 after purchasing an additional 11,105 shares in the last quarter. Hedge funds and other institutional investors own 72.59% of the company’s stock.

Akebia Therapeutics Company Profile (NASDAQ:AKBA)

Akebia Therapeutics, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. Its lead product candidate includes Auryxia, a ferric citrate to control the serum phosphorus levels in adult patients with chronic kidney disease (CKD), on dialysis (DD)-CKD, or the hyperphosphatemia indication (HIF); and vadadustat, an oral therapy, which is in Phase III development for the treatment of anemia due to CKD in DD and non-dialysis patients.

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