Corebridge Financial Inc. Sells 7,807 Shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Corebridge Financial Inc. lowered its stake in shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,422 shares of the biopharmaceutical company’s stock after selling 7,807 shares during the period. Corebridge Financial Inc.’s holdings in Akebia Therapeutics were worth $197,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AKBA. SRS Capital Advisors Inc. acquired a new stake in shares of Akebia Therapeutics in the 4th quarter valued at approximately $26,000. PDS Planning Inc bought a new stake in Akebia Therapeutics in the fourth quarter valued at approximately $28,000. Cibc World Markets Corp acquired a new stake in Akebia Therapeutics in the fourth quarter worth $37,000. Wealth Effects LLC boosted its position in shares of Akebia Therapeutics by 18.5% during the fourth quarter. Wealth Effects LLC now owns 32,000 shares of the biopharmaceutical company’s stock worth $61,000 after purchasing an additional 5,000 shares in the last quarter. Finally, AlphaMark Advisors LLC acquired a new position in shares of Akebia Therapeutics in the 4th quarter valued at $73,000. Institutional investors own 33.92% of the company’s stock.

Akebia Therapeutics Price Performance

AKBA opened at $1.65 on Monday. The company has a market capitalization of $389.78 million, a price-to-earnings ratio of -7.17 and a beta of 0.87. The business’s 50-day moving average price is $1.96 and its two-hundred day moving average price is $1.87. Akebia Therapeutics, Inc. has a 1 year low of $0.80 and a 1 year high of $2.89.

Akebia Therapeutics (NASDAQ:AKBA) last announced its earnings results on Thursday, March 13th. The biopharmaceutical company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The company had revenue of $46.50 million during the quarter, compared to analyst estimates of $37.36 million. Sell-side analysts anticipate that Akebia Therapeutics, Inc. will post -0.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on AKBA shares. Jefferies Financial Group initiated coverage on Akebia Therapeutics in a research note on Tuesday, April 1st. They set a “buy” rating and a $6.00 price objective on the stock. Piper Sandler raised their price target on Akebia Therapeutics from $4.00 to $6.00 and gave the stock an “overweight” rating in a research report on Friday, March 14th. StockNews.com upgraded Akebia Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, HC Wainwright restated a “buy” rating and set a $7.50 target price on shares of Akebia Therapeutics in a report on Friday, April 4th.

Insider Activity

In related news, CEO John P. Butler sold 144,250 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $2.10, for a total value of $302,925.00. Following the completion of the transaction, the chief executive officer now owns 2,604,330 shares of the company’s stock, valued at approximately $5,469,093. This trade represents a 5.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Steven Keith Burke sold 50,506 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $2.10, for a total transaction of $106,062.60. Following the sale, the senior vice president now directly owns 816,234 shares in the company, valued at $1,714,091.40. This trade represents a 5.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 280,579 shares of company stock worth $589,216 over the last ninety days. Insiders own 4.10% of the company’s stock.

Akebia Therapeutics Company Profile

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 patients.