Mizuho Securities USA LLC has initiated coverage with a ‘Buy’ rating and price target of $24 on shares of Akebia Therapeutics, Inc.’s (NASDAQ: AKBA) stock. The company’s lead product candidate, vadadustat, is currently in phase 3 trials for the treatment of anemia related to chronic kidney disease. Among other highlights, the analyst noted Akebia’s established partnerships with several important players in the renal market in preparation for commercialization of vadadustat. Mizuho analysts believe that Akebia is attractively valued considering the company’s lead product candidate, vadadustat, and the global collaboration deals in place.
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. In addition, the company has initiated the phase 2 FO2RWARD study of vadadustat in dialysis-dependent chronic kidney disease patients who are hyporesponsive to erythropoiesis-stimulating agents (ESAs), and expects to commence the phase 3 TRILO2GY study to further evaluate a three-times-weekly dosing regimen for vadadustat.
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