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CAMBRIDGE, Mass. - Akebia Therapeutics, Inc. (NASDAQ: AKBA), a biopharmaceutical company focusing on kidney disease treatments with a current market capitalization of $673 million, announced today the launch of an underwritten public offering of its common stock. The company’s stock has shown remarkable momentum, gaining over 32% in the past week and trading near its 52-week high, according to InvestingPro data. The company also intends to offer underwriters a 30-day option to buy up to an additional 15% of the shares at the public offering price, adjusted for underwriting discounts and commissions.
The offering’s completion is subject to market conditions, and no assurances can be made regarding the final terms or successful completion. Leerink Partners and Piper Sandler & Co. are serving as the joint bookrunning managers for this offering.
This offering follows a shelf registration statement filed with the Securities and Exchange Commission (SEC) on September 3, 2024, which was declared effective on September 12, 2024. Details regarding the offering’s terms are expected to be available through a preliminary prospectus supplement filed with the SEC. The final terms will be disclosed in a final prospectus supplement upon filing with the SEC.
Akebia Therapeutics, founded in 2007 and based in Cambridge, Massachusetts, is committed to advancing the treatment of kidney disease. While the company maintains a strong gross profit margin of 84%, it reported negative EBITDA of $8.7 million in the last twelve months. The company cautions that this press release contains forward-looking statements that involve risks and uncertainties, including those related to market conditions affecting the offering’s details and the possibility that the offering may not be completed as planned. For deeper insights into Akebia’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro.
Investors interested in the offering can obtain copies of the preliminary prospectus supplement and the accompanying prospectus once available by contacting Leerink Partners LLC or Piper Sandler & Co. through the provided contact details.
The information regarding this offering is based on a press release statement from Akebia Therapeutics, Inc.
In other recent news, Akebia Therapeutics has been in the spotlight due to its financial performance and product developments. The company reported a challenging fourth quarter in 2024, with earnings per share (EPS) at -$0.10, missing the forecast of -$0.07, and revenue falling to $46.49 million, below the expected $49.57 million. Despite these setbacks, Akebia launched its new product, Vafseo, targeting anemia in dialysis patients, which is anticipated to generate $10-11 million in revenue in the first quarter of 2025. Analysts from H.C. Wainwright maintained a Buy rating with a $7.50 target on Akebia, highlighting the strong early commercial performance of Vafseo. Piper Sandler also raised its price target for Akebia to $6.00, citing the promising launch of Vafseo and its performance exceeding expectations. The company has seen more than 500 prescribing physicians and a significant portion of prescriptions for Medicare Advantage patients, indicating positive market acceptance. Akebia’s management remains optimistic about Vafseo’s potential, despite operational challenges with larger dialysis organizations.
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