Akebia Therapeutics, Inc. (NASDAQ:AKBA) Sees Significant Growth in Short Interest

Akebia Therapeutics, Inc. (NASDAQ:AKBAGet Free Report) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 10,130,000 shares, an increase of 24.9% from the February 29th total of 8,110,000 shares. Based on an average daily trading volume, of 3,010,000 shares, the days-to-cover ratio is presently 3.4 days.

Insider Transactions at Akebia Therapeutics

In related news, SVP Steven Keith Burke sold 24,311 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $1.68, for a total transaction of $40,842.48. Following the completion of the transaction, the senior vice president now owns 711,376 shares in the company, valued at $1,195,111.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Akebia Therapeutics news, CEO John P. Butler sold 46,570 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $1.58, for a total value of $73,580.60. Following the completion of the sale, the chief executive officer now directly owns 2,044,580 shares in the company, valued at $3,230,436.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Steven Keith Burke sold 24,311 shares of Akebia Therapeutics stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $1.68, for a total value of $40,842.48. Following the sale, the senior vice president now directly owns 711,376 shares in the company, valued at $1,195,111.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 187,893 shares of company stock worth $300,598. 3.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Akebia Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its holdings in shares of Akebia Therapeutics by 37.6% during the fourth quarter. Mackenzie Financial Corp now owns 23,159 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 6,330 shares in the last quarter. Northern Trust Corp grew its position in Akebia Therapeutics by 2.7% during the 4th quarter. Northern Trust Corp now owns 310,368 shares of the biopharmaceutical company’s stock valued at $385,000 after purchasing an additional 8,247 shares during the last quarter. Raymond James & Associates increased its stake in Akebia Therapeutics by 48.0% during the 4th quarter. Raymond James & Associates now owns 29,917 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 9,696 shares in the last quarter. HighTower Advisors LLC raised its holdings in Akebia Therapeutics by 18.4% in the first quarter. HighTower Advisors LLC now owns 70,350 shares of the biopharmaceutical company’s stock worth $40,000 after buying an additional 10,925 shares during the last quarter. Finally, Archer Investment Corp bought a new position in shares of Akebia Therapeutics in the fourth quarter worth approximately $25,000. 33.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AKBA has been the topic of several research reports. StockNews.com lowered Akebia Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday. HC Wainwright raised their price objective on Akebia Therapeutics from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Thursday.

Check Out Our Latest Report on AKBA

Akebia Therapeutics Stock Performance

Shares of NASDAQ AKBA opened at $1.83 on Friday. The company has a 50 day simple moving average of $1.63 and a two-hundred day simple moving average of $1.30. Akebia Therapeutics has a fifty-two week low of $0.49 and a fifty-two week high of $2.48. The company has a market capitalization of $383.15 million, a price-to-earnings ratio of -6.54 and a beta of 0.78.

Akebia Therapeutics (NASDAQ:AKBAGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The company had revenue of $56.20 million during the quarter, compared to analysts’ expectations of $55.64 million. During the same quarter in the previous year, the company earned ($0.04) EPS. On average, analysts forecast that Akebia Therapeutics will post -0.27 earnings per share for the current fiscal year.

About Akebia Therapeutics

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Akebia Therapeutics, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. The company's lead product investigational product candidate is Vafseo (vadadustat), an oral hypoxia-inducible factor prolyl hydroxylase, which is in Phase III development for the treatment of anemia due to chronic kidney disease (CKD) in dialysis-dependent and non-dialysis dependent adult patients.

Further Reading

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