Akebia Therapeutics Inc. (NASDAQ:AKBA) shares dropped 2.2% during trading on Thursday . The company traded as low as $8.36 and last traded at $8.60, with a volume of 151,742 shares changing hands. The stock had previously closed at $8.79.

AKBA has been the subject of a number of research reports. Morgan Stanley reiterated a “buy” rating on shares of Akebia Therapeutics in a research note on Sunday, May 8th. Zacks Investment Research cut Akebia Therapeutics from a “buy” rating to a “hold” rating in a research note on Tuesday, May 10th. HC Wainwright reiterated a “buy” rating on shares of Akebia Therapeutics in a research note on Monday, May 16th. Credit Suisse Group AG reiterated a “hold” rating on shares of Akebia Therapeutics in a research note on Tuesday. Finally, Brean Capital reiterated a “buy” rating on shares of Akebia Therapeutics in a research note on Sunday, May 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $16.00.

The firm’s 50 day moving average price is $8.24 and its 200-day moving average price is $8.51. The company’s market capitalization is $156.65 million.

An institutional investor recently raised its position in Akebia Therapeutics stock. Wells Fargo & Company MN boosted its position in shares of Akebia Therapeutics Inc. (NASDAQ:AKBA) by 592.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,151 shares of the biopharmaceutical company’s stock after buying an additional 78,841 shares during the period. Wells Fargo & Company MN owned about 0.50% of Akebia Therapeutics worth $1,190,000 as of its most recent filing with the SEC.

Akebia Therapeutics, Inc is a biopharmaceutical company. The Company is focused on the development of therapeutics based on hypoxia inducible factor (HIF) biology, and the commercialization of these products for patients with serious medical needs. The Company’s segment is the business of developing and commercializing proprietary therapeutics based on HIF biology.

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