Research analysts at Wall Street Zen have downgraded Akebia Therapeutics (NASDAQ: AKBA) from a “strong-buy” rating to a “buy” rating, as noted in a report released on Friday. This marks a significant shift for the biopharmaceutical company, which focuses on developing treatments for kidney diseases.
Several other analysts have also recently reassessed their ratings on Akebia. On October 29, BTIG Research reduced its price target for the company from $10.00 to $5.00, while maintaining a “buy” rating. The following day, HC Wainwright lowered its target price from $8.00 to $6.00, also affirming a “buy” rating for the stock.
In contrast, Weiss Ratings issued a “sell (d-)” rating for Akebia on October 8. Prior to that, Zacks Research adjusted its outlook, moving from a “strong-buy” to a “hold” rating on August 13. Overall, the investment community has provided mixed reviews, with one analyst assigning a strong buy rating, five issuing a buy rating, one giving a hold rating, and one recommending a sell.
According to data from MarketBeat, Akebia currently holds a consensus rating of “Moderate Buy” with a price target of $6.00. This reflects a cautious optimism among some investors regarding the company’s future performance.
Recent Institutional Activity
Institutional investors and hedge funds have recently adjusted their positions in Akebia Therapeutics. Notably, E Fund Management Co. Ltd. increased its stake by 51.9% during the first quarter, now holding 19,311 shares valued at approximately $37,000. This increase followed a purchase of an additional 6,595 shares in the previous quarter.
Similarly, Baird Financial Group Inc. raised its stake by 23.0%, owning 21,393 shares worth around $41,000 after acquiring an additional 4,000 shares. Other institutional moves include Abel Hall LLC, which entered a new position valued at about $39,000, and the State of Alaska Department of Revenue, which purchased shares worth approximately $42,000. Meanwhile, Unified Investment Management also acquired a new stake valued at about $49,000.
Currently, institutional investors and hedge funds collectively own approximately 33.92% of Akebia’s stock, reflecting a noteworthy interest in the company among larger financial entities.
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a biopharmaceutical firm dedicated to developing and commercializing therapies for patients suffering from kidney diseases. The company’s lead investigational product, Vafseo (vadadustat), is an oral hypoxia-inducible factor prolyl hydroxylase that is currently in Phase III clinical development. Vafseo aims to treat anemia associated with chronic kidney disease (CKD) in both dialysis-dependent and non-dialysis-dependent patients.
As Akebia navigates a challenging market landscape, investor sentiment remains mixed but cautiously optimistic. Stakeholders will be keen to observe the company’s upcoming developments and how they influence future ratings and market activity.
