Akebia Therapeutics (AKBA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Ed Arce from H.C. Wainwright remains neutral on the stock and has a $3.75 price target.
Ed Arce has given his Buy rating for Akebia Therapeutics due to a range of factors. The recent approval of Akebia’s drug, Vadadustat, in Australia for treating anemia related to chronic kidney disease (CKD) in adult patients undergoing chronic maintenance dialysis is a significant development. The approval in Australia, backed by data from more than 7,500 patients, is viewed as a positive step. Furthermore, it is expected that the drug’s New Drug Application (NDA) will be resubmitted to the FDA by the end of the third quarter of 2023, which is seen as a critical milestone for both vadadustat and Akebia. This resubmission could potentially expedite the drug’s entry into the market.
In addition to these developments, Akebia is actively preparing for a global launch of vadadustat. For instance, it has appointed Graham Ray as Vice President, Key Accounts, who brings nearly two decades of experience at Takeda Pharmaceuticals, particularly in product launches and brand growth. Akebia is also expected to strengthen its management team and continue its commercial preparations in the coming months. Despite a slight reduction in the 2023 sales guidance for Akebia’s drug Auryxia, this did not significantly impact the rNPV valuation, and thus, the price target remains unchanged.
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Akebia Therapeutics (AKBA) Company Description:
Akebia Therapeutics, Inc. is a biopharmaceutical company, which engages in the development and commercialization of therapeutics for patients with kidney disease. The firm also involves in the development and commercialization of drugs for the treatment of renal and metabolic disorders. Its products include Auryxia and Vadadustat. The company was founded by Joseph H. Gardner, John M. Rice, Michael E. Pape, Josh P. Fairbank, and Robert A. Shalwitz on February 27, 2007 and is headquartered in Cambridge, MA.
Read More on AKBA:
- Biotech Alert: Searches spiking for these stocks today
- Akebia upgraded to Buy from Neutral at H.C. Wainwright
- Akebia reaffirms 2023 Auryxia net product revenue guidance of $175M-$180M
- Akebia Therapeutics Reports Second Quarter 2023 Financial Results and Recent Business Highlights
- Akebia reports Q2 EPS (6c) vs. 15c last year
