UPDATE: Brean Capital Assumes Akebia Therapeutics (AKBA) at Buy
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(Updated - September 29, 2016 9:38 AM EDT)
Brean Capital assumed coverage on Akebia Therapeutics (NASDAQ: AKBA) with a Buy rating and a price target of $18. Analyst Difei Yang is bullish on the company's vadadustat for treating anemia.
"Phase 2b data on vadadustat is quite impressive," said Yang. "Not including revenues from the MTPC deal, Akebia held cash and cash equivalents of about $189 mil, which should fund the company’s operations through 2Q17. International partnerships aside, Akebia will commercialize vadadustat on its own in the US and we project sales to be around $515 mil in 2022, with sales for ND-CKD indication alone. Moving forward, with both Phase III trials underway and potential European partnership around the corner, the company can focus on its second clinical candidate, AKB-6899, an orally administered HIF stabilizer. The AKB-6899 Phase I trial will enroll a wide range of tumor patients and we project data to be released in 2H17. We like Akebia's asset, vadadustat, which is a new MOA for treating anemia. If successfully developed, it could change the standard of care. As such, we assume coverage with a BUY rating and $18 TP." said Yang."
Shares of Akebia Therapeutics closed at $9.08 yesterday.
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