Alerce Investment Management L.P. Has $5.86 Million Position in Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Alerce Investment Management L.P. lessened its holdings in shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA) by 56.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,747,906 shares of the biopharmaceutical company’s stock after selling 7,457,213 shares during the period. Akebia Therapeutics accounts for approximately 11.5% of Alerce Investment Management L.P.’s holdings, making the stock its 2nd biggest position. Alerce Investment Management L.P. owned 2.74% of Akebia Therapeutics worth $5,863,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AKBA. Mercer Global Advisors Inc. ADV increased its position in 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 valued at $32,000 after buying an additional 9,037 shares in the last quarter. Orchard Capital Management LLC increased its holdings in shares of Akebia Therapeutics by 29.9% during the fourth quarter. Orchard Capital Management LLC now owns 86,826 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 20,000 shares in the last quarter. Compass Ion Advisors LLC purchased a new position in shares of Akebia Therapeutics in the 1st quarter worth about $46,000. Cannon Global Investment Management LLC bought a new position in Akebia Therapeutics in the 1st quarter worth about $51,000. Finally, SG Americas Securities LLC purchased a new stake in Akebia Therapeutics during the 2nd quarter valued at about $34,000. 33.92% of the stock is owned by hedge funds and other institutional investors.

Akebia Therapeutics Stock Performance

AKBA stock opened at $1.35 on Wednesday. Akebia Therapeutics, Inc. has a 1-year low of $0.78 and a 1-year high of $2.48. The business has a fifty day moving average price of $1.39 and a 200-day moving average price of $1.34.

Akebia Therapeutics (NASDAQ:AKBA) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The business had revenue of $43.65 million during the quarter, compared to analysts’ expectations of $45.61 million. During the same period last year, the firm posted ($0.06) EPS. On average, equities analysts predict that Akebia Therapeutics, Inc. will post -0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $7.50 target price on shares of Akebia Therapeutics in a report 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.