Akebia Therapeutics (NASDAQ:AKBA) Rating Lowered to Sell at StockNews.com

Akebia Therapeutics (NASDAQ:AKBA - Get Free Report) was downgraded by stock analysts at StockNews.com from a "hold" rating to a "sell" rating in a report issued on Wednesday.

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $7.50 price objective on shares of Akebia Therapeutics in a research report on Tuesday.

Akebia Therapeutics Price Performance

NASDAQ AKBA traded up $0.05 during midday trading on Wednesday, hitting $1.94. 1,972,968 shares of the company traded hands, compared to its average volume of 2,174,706. Akebia Therapeutics has a 52 week low of $0.80 and a 52 week high of $2.48. The company's 50-day simple moving average is $1.91 and its 200-day simple moving average is $1.56. The company has a market cap of $423.27 million, a PE ratio of -8.43 and a beta of 0.72.

Akebia Therapeutics (NASDAQ:AKBA - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06). The company had revenue of $37.43 million during the quarter, compared to the consensus estimate of $45.66 million. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. On average, research analysts predict that Akebia Therapeutics will post -0.24 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AKBA. Geode Capital Management LLC boosted its holdings in Akebia Therapeutics by 4.8% in the third quarter. Geode Capital Management LLC now owns 4,754,464 shares of the biopharmaceutical company's stock worth $6,277,000 after acquiring an additional 218,172 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Akebia Therapeutics by 7.2% in the 2nd quarter. Renaissance Technologies LLC now owns 3,914,800 shares of the biopharmaceutical company's stock valued at $3,993,000 after purchasing an additional 262,700 shares during the last quarter. State Street Corp boosted its stake in Akebia Therapeutics by 24.9% in the 3rd quarter. State Street Corp now owns 3,430,527 shares of the biopharmaceutical company's stock worth $4,528,000 after purchasing an additional 683,287 shares in the last quarter. FMR LLC grew its position in Akebia Therapeutics by 26.0% during the 3rd quarter. FMR LLC now owns 682,038 shares of the biopharmaceutical company's stock worth $900,000 after purchasing an additional 140,529 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Akebia Therapeutics by 3,122.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 604,551 shares of the biopharmaceutical company's stock valued at $617,000 after purchasing an additional 585,789 shares in the last quarter. 33.92% of the stock is currently owned by hedge funds and other institutional investors.

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.