Interactive Brokers shares jump as it secures spot in S&P 500
On Wednesday, H.C. Wainwright analysts maintained a Buy rating on Akebia Therapeutics (NASDAQ:AKBA).
The firm's endorsement follows Akebia's announcement on January 13 that the U.S. commercial launch of Vafseo, its treatment for patients with chronic kidney disease (CKD) on dialysis, has commenced with shipments starting on January 9.
The firm reiterated the price target of $7.50 on Akebia stock. Akebia has reported successful commercial supply agreements with a major dialysis organization and a mid-sized provider, ensuring Vafseo is accessible to nearly 100% of U.S. dialysis patients. These agreements are expected to bolster the drug's market presence significantly.
Market research conducted by Akebia suggests a strong demand for Vafseo, with 99% of surveyed U.S. nephrologists open to prescribing the medication.
Furthermore, 75% of these physicians intend to prescribe Vafseo within the first six months of its availability, indicating a positive reception from the medical community.
The potential for Vafseo's use in non-dialysis CKD patients is seen as a significant opportunity for Akebia. The company is focused on finalizing the regulatory pathway for this broader patient population in 2025, which could further enhance the drug's market potential.
Akebia's financial position appears stable, with the management estimating that current cash reserves and projected income will fund operations for at least the next two years.
This includes the commercial launch of Vafseo and the advancement of the company's pipeline. The reaffirmation of the Buy rating and price target by H.C. Wainwright reflects confidence in Akebia's strategy and market prospects for its CKD treatment.
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