Cannon Global Investment Management LLC Purchases New Position in Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Cannon Global Investment Management LLC purchased a new stake in Akebia Therapeutics, Inc. (NASDAQ:AKBA) in the 1st quarter, HoldingsChannel reports. The firm purchased 28,000 shares of the biopharmaceutical company’s stock, valued at approximately $51,000.

Several other institutional investors and hedge funds have also recently modified their holdings of AKBA. Sapient Capital LLC purchased a new position in shares of Akebia Therapeutics in the 4th quarter valued at about $248,000. Citigroup Inc. increased its stake in Akebia Therapeutics by 311,608.2% during the 3rd quarter. Citigroup Inc. now owns 152,737 shares of the biopharmaceutical company’s stock worth $174,000 after buying an additional 152,688 shares in the last quarter. Eagle Wealth Strategies LLC purchased a new stake in Akebia Therapeutics during the 4th quarter worth approximately $25,000. Orchard Capital Management LLC increased its stake in Akebia Therapeutics by 29.9% during the 4th quarter. Orchard Capital Management LLC now owns 86,826 shares of the biopharmaceutical company’s stock worth $108,000 after buying an additional 20,000 shares in the last quarter. Finally, Archer Investment Corp purchased a new stake in Akebia Therapeutics during the 4th quarter worth approximately $25,000. Hedge funds and other institutional investors own 33.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on AKBA. HC Wainwright boosted their price objective on Akebia Therapeutics from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. StockNews.com cut Akebia Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, April 29th.

Akebia Therapeutics Stock Up 3.1 %

Shares of Akebia Therapeutics stock traded up $0.03 on Friday, hitting $1.02. 25,512,146 shares of the company were exchanged, compared to its average volume of 2,734,414. The stock has a market capitalization of $213.79 million, a price-to-earnings ratio of -4.43 and a beta of 0.80. The company has a 50-day moving average price of $1.15 and a 200 day moving average price of $1.39. Akebia Therapeutics, Inc. has a 1-year low of $0.78 and a 1-year high of $2.48.

Akebia Therapeutics (NASDAQ:AKBA) last issued its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.09) earnings per share for the quarter, hitting the consensus estimate of ($0.09). The company had revenue of $32.61 million for the quarter, compared to analyst estimates of $41.13 million. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. Research analysts forecast that Akebia Therapeutics, Inc. will post -0.28 EPS for the current year.

Akebia Therapeutics 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.