Cannon Global Investment Management LLC Makes New $51,000 Investment in Akebia Therapeutics, Inc. (NASDAQ:AKBA)

Cannon Global Investment Management LLC purchased a new position in Akebia Therapeutics, Inc. (NASDAQ:AKBA) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 28,000 shares of the biopharmaceutical company’s stock, valued at approximately $51,000.

Several other hedge funds have also recently made changes to their positions in AKBA. Eagle Wealth Strategies LLC purchased a new position in shares of Akebia Therapeutics during the fourth quarter valued at approximately $25,000. Archer Investment Corp purchased a new position in shares of Akebia Therapeutics during the fourth quarter valued at approximately $25,000. Mackenzie Financial Corp increased its stake in shares of Akebia Therapeutics by 37.6% during the fourth quarter. Mackenzie Financial Corp now owns 23,159 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 6,330 shares during the period. Raymond James & Associates increased its stake in shares of Akebia Therapeutics by 48.0% during the fourth quarter. Raymond James & Associates now owns 29,917 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 9,696 shares during the period. Finally, Orchard Capital Management LLC boosted its position 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 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 Stock Performance

Shares of NASDAQ AKBA traded up $0.03 during mid-day trading on Friday, hitting $1.02. 25,512,146 shares of the stock traded hands, compared to its average volume of 2,734,414. Akebia Therapeutics, Inc. has a 52 week low of $0.78 and a 52 week high of $2.48. The company has a market cap of $213.79 million, a price-to-earnings ratio of -4.43 and a beta of 0.80. The stock has a fifty day moving average price of $1.15 and a 200-day moving average price of $1.39.

Akebia Therapeutics (NASDAQ:AKBA) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.09) EPS for the quarter, hitting the consensus estimate of ($0.09). The company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $41.13 million. During the same period last year, the firm posted ($0.14) earnings per share. As a group, sell-side analysts predict that Akebia Therapeutics, Inc. will post -0.28 EPS for the current fiscal year.

Analyst Ratings Changes

AKBA has been the topic of several research reports. HC Wainwright lifted their price target on Akebia Therapeutics from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. StockNews.com lowered Akebia Therapeutics from a “buy” rating to a “hold” rating in a research report on Monday, April 29th.

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.