Aegis Capital reiterated its ‘Buy’ rating and $21 price target on shares of Akebia Therapeutics (NASDAQ: AKBA). The biopharmaceutical company recently announced financial results for the fourth quarter and full year ended December 31, 2016, though Aegis focused on the company’s clinical trials and collaboration agreements for the reiteration. As reported in Akebia’s earnings release, full-year 2016 highlights include: the initiation of the global phase 3 INNO2VATE program to evaluate vadadustat in dialysis-dependent patients with anemia associated with chronic kidney disease (CKD); entered into a collaboration with Otsuka Pharmaceutical Co., Ltd in which the companies equally share the costs of developing and commercializing vadadustat in the U.S. and the profits from sales of vadadustat following FDA approval; signed an exclusive agreement with Janssen Pharmaceutica, NV, a Johnson & Johnson company, to license HIF product candidates and access an extensive library of HIF compounds that may have applications across multiple therapeutic areas; prevailed in two patent disputes through the European Patent Office; and published positive phase 2b study results in non-dialysis dependent chronic kidney disease patients in Kidney International.
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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 associated with chronic kidney disease and the INNO2VATE studies for dialysis-dependent patients, is currently ongoing. For more information, please visit our website at www.akebia.com.
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