Acadian Asset Management LLC Cuts Stock Position in Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Acadian Asset Management LLC cut its position in Akebia Therapeutics, Inc. (NASDAQ:AKBA) by 23.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,063,383 shares of the biopharmaceutical company’s stock after selling 1,246,372 shares during the quarter. Acadian Asset Management LLC’s holdings in Akebia Therapeutics were worth $4,143,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Akebia Therapeutics by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 8,225,972 shares of the biopharmaceutical company’s stock worth $15,054,000 after acquiring an additional 618,500 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Akebia Therapeutics in the first quarter worth $1,447,000. Bank of New York Mellon Corp increased its position 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 purchasing an additional 585,789 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Akebia Therapeutics by 4,915.4% during the 2nd quarter. Rhumbline Advisers now owns 247,060 shares of the biopharmaceutical company’s stock valued at $252,000 after purchasing an additional 242,134 shares during the last quarter. Finally, Orchard Capital Management LLC boosted its position in shares of Akebia Therapeutics by 29.9% in the 4th quarter. Orchard Capital Management LLC now owns 86,826 shares of the biopharmaceutical company’s stock worth $108,000 after purchasing an additional 20,000 shares in the last quarter. 33.92% of the stock is owned by hedge funds and other institutional investors.

Akebia Therapeutics Price Performance

Akebia Therapeutics stock opened at $1.44 on Friday. The stock has a 50-day moving average price of $1.36 and a 200 day moving average price of $1.35. The company has a market capitalization of $301.82 million, a price-to-earnings ratio of -6.26 and a beta of 0.77. Akebia Therapeutics, Inc. has a 52 week low of $0.78 and a 52 week high of $2.48.

Akebia Therapeutics (NASDAQ:AKBA) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $43.65 million for the quarter, compared to analyst estimates of $45.61 million. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. Research analysts anticipate that Akebia Therapeutics, Inc. will post -0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $7.50 price target on shares of Akebia Therapeutics in a research note on Friday, September 6th.

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.