Akebia Therapeutics, Inc. (NASDAQ:AKBA) Short Interest Down 15.5% in February

Akebia Therapeutics, Inc. (NASDAQ:AKBA) was the target of a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 31,207,330 shares, a drop of 15.5% from the January 29th total of 36,927,875 shares. Based on an average daily trading volume, of 4,396,546 shares, the days-to-cover ratio is presently 7.1 days. Approximately 12.1% of the shares of the company are sold short. Approximately 12.1% of the shares of the company are sold short. Based on an average daily trading volume, of 4,396,546 shares, the days-to-cover ratio is presently 7.1 days.

Akebia Therapeutics Trading Down 4.8%

Shares of AKBA opened at $1.19 on Friday. Akebia Therapeutics has a 1 year low of $1.14 and a 1 year high of $4.08. The company has a current ratio of 1.55, a quick ratio of 1.46 and a debt-to-equity ratio of 1.48. The stock has a 50 day simple moving average of $1.39 and a 200-day simple moving average of $2.05. The stock has a market cap of $318.78 million, a PE ratio of -59.47 and a beta of 0.39.

Akebia Therapeutics (NASDAQ:AKBA) last announced its quarterly earnings results on Thursday, February 26th. The biopharmaceutical company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Akebia Therapeutics had a negative net margin of 2.26% and a negative return on equity of 16.70%. The company had revenue of $57.62 million during the quarter, compared to analyst estimates of $48.37 million. On average, sell-side analysts predict that Akebia Therapeutics will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AKBA. Piper Sandler reduced their target price on shares of Akebia Therapeutics from $6.00 to $4.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Wall Street Zen cut Akebia Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Akebia Therapeutics in a report on Wednesday, January 21st. HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Akebia Therapeutics in a research report on Friday, February 6th. Finally, BTIG Research reduced their target price on Akebia Therapeutics from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Akebia Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $5.40.

Insiders Place Their Bets

In other Akebia Therapeutics news, CAO Richard C. Malabre sold 49,524 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.39, for a total transaction of $68,838.36. Following the completion of the sale, the chief accounting officer directly owned 299,390 shares in the company, valued at $416,152.10. This represents a 14.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John P. Butler acquired 69,270 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was acquired at an average price of $1.25 per share, for a total transaction of $86,587.50. Following the completion of the purchase, the chief executive officer directly owned 3,367,064 shares of the company’s stock, valued at $4,208,830. This trade represents a 2.10% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Akebia Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Baird Financial Group Inc. boosted its position in Akebia Therapeutics by 23.0% in the 1st quarter. Baird Financial Group Inc. now owns 21,393 shares of the biopharmaceutical company’s stock valued at $41,000 after buying an additional 4,000 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Akebia Therapeutics by 9.4% in the second quarter. ProShare Advisors LLC now owns 51,266 shares of the biopharmaceutical company’s stock valued at $187,000 after acquiring an additional 4,388 shares during the last quarter. Legal & General Group Plc increased its position in Akebia Therapeutics by 26.0% in the second quarter. Legal & General Group Plc now owns 23,279 shares of the biopharmaceutical company’s stock worth $85,000 after purchasing an additional 4,798 shares during the period. Ameritas Investment Partners Inc. raised its holdings in Akebia Therapeutics by 25.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 25,525 shares of the biopharmaceutical company’s stock worth $93,000 after purchasing an additional 5,145 shares during the last quarter. Finally, Polymer Capital Management US LLC raised its holdings in Akebia Therapeutics by 49.5% during the 3rd quarter. Polymer Capital Management US LLC now owns 18,232 shares of the biopharmaceutical company’s stock worth $50,000 after purchasing an additional 6,034 shares during the last quarter. Institutional investors and hedge funds 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.