Akebia Therapeutics, Inc. (NASDAQ:AKBA) Sees Large Increase in Short Interest

Akebia Therapeutics, Inc. (NASDAQ:AKBA) was the recipient of a significant increase in short interest in December. As of December 31st, there was short interest totalling 16,680,000 shares, an increase of 18.6% from the December 15th total of 14,070,000 shares. Based on an average trading volume of 2,100,000 shares, the days-to-cover ratio is currently 7.9 days.

Analysts Set New Price Targets

Several analysts have commented on the stock. HC Wainwright reissued a “buy” rating and issued a $7.50 target price on shares of Akebia Therapeutics in a research report on Tuesday. StockNews.com lowered shares of Akebia Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday.

Akebia Therapeutics Stock Performance

Shares of NASDAQ AKBA opened at $1.93 on Friday. The business’s 50-day simple moving average is $1.91 and its 200-day simple moving average is $1.57. Akebia Therapeutics has a 52 week low of $0.80 and a 52 week high of $2.48. The firm has a market cap of $421.09 million, a price-to-earnings ratio of -8.39 and a beta of 0.72.

Akebia Therapeutics (NASDAQ:AKBA) last announced its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The business had revenue of $37.43 million during the quarter, compared to the consensus estimate of $45.66 million. During the same quarter in the previous year, the business posted ($0.08) EPS. As a group, equities research analysts forecast that Akebia Therapeutics will post -0.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new stake in shares of Akebia Therapeutics in the third quarter valued at about $534,000. BNP Paribas Financial Markets grew its holdings in Akebia Therapeutics by 205.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 46,270 shares of the biopharmaceutical company’s stock valued at $61,000 after buying an additional 31,137 shares during the last quarter. XTX Topco Ltd bought a new position in Akebia Therapeutics in the 3rd quarter worth approximately $58,000. Bank of New York Mellon Corp lifted its holdings in shares of Akebia Therapeutics by 3,122.2% during the second quarter. Bank of New York Mellon Corp now owns 604,551 shares of the biopharmaceutical company’s stock worth $617,000 after buying an additional 585,789 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Akebia Therapeutics by 24.9% in the third quarter. State Street Corp now owns 3,430,527 shares of the biopharmaceutical company’s stock valued at $4,528,000 after acquiring an additional 683,287 shares during the period. Institutional investors own 33.92% of the company’s stock.

About Akebia Therapeutics

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.