Aegis Capital recently reiterated a ‘Buy’ rating and raised the price target to $25 on Akebia Therapeutics, Inc.’s (NASDAQ: AKBA) stock. The action followed the company’s recent expansion of its collaboration with Otsuka Pharmaceutical for vadadustat by entering into a collaboration and license agreement to include China, Europe, Russia, the Middle East, Canada and Australia. Akebia still maintains 50% of the U.S rights, all of Latin America, and control of the development program which includes manufacturing. The analyst noted that the expanded agreement is positive for Akebia, as it addresses the company’s cash needs moving forward, as well as lightening the need for an equity raise, which significantly lowers the risk of dilution. The raise in price target to $25 from $21 was attributed to the upfront cash and reimbursement for continued development funding.
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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