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CAMBRIDGE, Mass.—Steven Keith Burke, the Senior Vice President and Chief Medical (TASE:PMCN) Officer of Akebia Therapeutics Inc. (NASDAQ:AKBA), recently sold shares worth $106,062, according to a regulatory filing. The transactions, carried out on February 3, 2025, involved the sale of 50,506 shares at a price of $2.10 each. The sale comes amid a strong performance period for Akebia, with the stock posting a 71.2% gain over the past six months.
These sales were conducted as part of a Rule 10b5-1 trading plan that Burke adopted on November 17, 2023. Part of the transaction was executed automatically by the company to cover tax obligations related to the vesting of restricted stock units. According to InvestingPro data, the company maintains a GOOD financial health score, with particularly strong momentum metrics.
In addition to these sales, Burke acquired 194,900 shares of common stock on January 31, 2025, as part of Akebia’s 2023 Stock Incentive Plan. This acquisition was priced at $0 per share, reflecting the nature of the stock grant. Following these transactions, Burke holds 816,234 shares of Akebia common stock directly. Analysts maintain a bullish outlook on the stock, with price targets ranging from $4 to $10 per share.
In other recent news, Akebia Therapeutics has been making significant strides with its drug Vafseo. The biopharmaceutical company’s treatment for symptomatic anemia caused by chronic kidney disease in adult patients on maintenance dialysis has received endorsement from the UK’s National Institute for Health and Care Excellence (NICE). Analysts from H.C. Wainwright have maintained a Buy rating on Akebia’s stock, reflecting confidence in the company’s strategy and market prospects.
Vafseo’s approval by the UK Medicines and Healthcare products Regulatory Agency (MHRA) and the subsequent NICE recommendation are major milestones for Akebia’s presence in the UK market. In the United States, Akebia has also announced the commercial launch of Vafseo, securing two commercial supply agreements that provide nearly complete access to the drug for U.S. dialysis patients.
Akebia’s financial position appears stable, with 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. Additionally, Akebia is planning a Phase 3 trial in mid-2025 to explore the potential use of vadadustat for anemia in late-stage CKD patients not on dialysis.
In terms of earnings and revenue, Akebia reported a decrease in total revenue to $37.4 million from $42 million in the same quarter of the previous year. The company reported a net loss of $20 million for the quarter, attributed to increased spending on Vafseo’s prelaunch activities and a decline in revenue from its existing product, AURYXIA. Despite these financial results, the company remains optimistic about Vafseo’s potential in both dialysis and non-dialysis chronic kidney disease patient segments.
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