Aegis Capital has reiterated a ‘Buy’ rating and a price target of $25 on Akebia Therapeutics (NASDAQ: AKBA) following the company’s recent report of financial results for the first quarter ended March 31, 2017. Akebia reported cash, cash equivalents and marketable securities of $251.8 million. Combined with additional upcoming payments, the company said it expects to have resources to fund the current operating plan into the first quarter of 2019. Among other highlights, the analyst noted Akebia’s upcoming milestones, including the top-line results of a phase 2 trial in Japan in the second half of 2017; the initiation of a phase 2 hyporesponder study in the first half of 2017, with data anticipated toward the end of 2018; and the initiation of a phase 3 dosing trial in the second half of 2017, with data expected by year-end 2018.
For more information, visit www.akebia.com
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a biopharmaceutical company headquartered in Cambridge, Massachusetts, focused on delivering innovative therapies to patients with kidney disease through hypoxia-inducible factor biology. Akebia’s lead product candidate, vadadustat, is an oral, investigational therapy in development for the treatment of anemia related to chronic kidney disease in both non-dialysis and dialysis patients. Akebia’s global phase 3 program for vadadustat, which includes the PRO2TECT studies for non-dialysis patients with anemia secondary to chronic kidney disease and the INNO2VATE studies for dialysis-dependent patients, is currently ongoing.
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