Akebia Therapeutics (AKBA) PT Dropped to $12 at UBS
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Rating Summary:
11 Buy, 5 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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UBS analyst Jeffrey Hung reiterated a Buy rating but dropped his price target on Akebia Therapeutics (NASDAQ: AKBA) to $12.00 (from $16.00) following Q1.
Hung commented, "Akebia reported additional updates to its pipeline programs on its 1Q earnings release. They remain on track with their phase-3 program and have cleared the synchronization hurdle with the FDA and EMA. Likewise, the new Japanese patient data also hints that the global phase-3 program can be harmonized, which provides a greater shot at smoother regulatory processes after the trials finish. We continue to believe that AKBA shares trade below fair value, although we acknowledge a lack of stock-moving catalysts this year beyond the potential announcement of an EU partner. However, we don't mind remaining patient for what could be a potential best-in-class HIF drug in a multi-billion dollar anemia market. We reiterate our Buy rating on AKBA shares but are lowering our price target to $12 on an increased discount rate to reflect sentiment in smid-cap biotech."
For an analyst ratings summary and ratings history on Akebia Therapeutics click here. For more ratings news on Akebia Therapeutics click here.
Shares of Akebia Therapeutics closed at $9.04 yesterday.
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