Bank of New York Mellon Corp Boosts Position in Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Bank of New York Mellon Corp boosted its stake in shares of Akebia Therapeutics, Inc. (NASDAQ:AKBA) by 3,122.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 604,551 shares of the biopharmaceutical company’s stock after buying an additional 585,789 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.29% of Akebia Therapeutics worth $617,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Akebia Therapeutics during the 2nd quarter worth about $34,000. Compass Ion Advisors LLC purchased a new position in Akebia Therapeutics during the first quarter valued at approximately $46,000. Cannon Global Investment Management LLC purchased a new position in Akebia Therapeutics during the first quarter valued at approximately $51,000. Lazard Asset Management LLC bought a new position in Akebia Therapeutics in the first quarter worth approximately $79,000. Finally, Orchard Capital Management LLC lifted its holdings in Akebia Therapeutics by 29.9% during the fourth 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 during the period. 33.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Akebia Therapeutics Stock Down 4.4 %

Shares of Akebia Therapeutics stock opened at $1.31 on Tuesday. The company has a market cap of $274.57 million, a P/E ratio of -5.70 and a beta of 0.77. The firm’s 50 day moving average price is $1.39 and its 200-day moving average price is $1.34. Akebia Therapeutics, Inc. has a 52-week low of $0.78 and a 52-week high of $2.48.

Akebia Therapeutics (NASDAQ:AKBA) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. The firm had revenue of $43.65 million during the quarter, compared to analysts’ expectations of $45.61 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. As a group, equities research analysts forecast that Akebia Therapeutics, Inc. will post -0.19 EPS for the current fiscal year.

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.