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

Akebia Therapeutics, Inc. (NASDAQ:AKBA) saw a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 11,960,000 shares, a decrease of 19.4% from the October 31st total of 14,840,000 shares. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is currently 6.5 days.

Akebia Therapeutics Stock Performance

Shares of NASDAQ AKBA opened at $2.06 on Monday. The company has a market capitalization of $449.45 million, a PE ratio of -8.96 and a beta of 0.74. The company’s fifty day moving average price is $1.62 and its 200 day moving average price is $1.37. Akebia Therapeutics has a 1 year low of $0.80 and a 1 year high of $2.48.

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

Hedge Funds Weigh In On Akebia Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV raised its stake in shares of Akebia Therapeutics by 40.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 31,221 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 9,037 shares during the period. SG Americas Securities LLC acquired a new stake in Akebia Therapeutics in the 2nd quarter valued at $34,000. Empirical Asset Management LLC purchased a new stake in Akebia Therapeutics in the 3rd quarter worth $44,000. B. Riley Wealth Advisors Inc. acquired a new position in Akebia Therapeutics during the second quarter worth $44,000. Finally, XTX Topco Ltd purchased a new position in Akebia Therapeutics during the third quarter valued at $58,000. Hedge funds and other institutional investors own 33.92% of the company’s stock.

Wall Street Analyst Weigh In

AKBA has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and set a $7.50 price objective on shares of Akebia Therapeutics in a research note on Wednesday, October 23rd. StockNews.com downgraded Akebia Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, November 21st.

Akebia Therapeutics Company 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.