Nomura Securities Starts Akebia Therapeutics (AKBA) at Buy

Nomura Securities initiates coverage on Akebia Therapeutics (NASDAQ: AKBA) with a Buy rating and a price target of $39.00.

Analyst , M. Ian Somaiya said, "We believe Akebia’s AKB-6548 represents a compelling treatment option for anemia due to chronic kidney disease (CKD), a $6bn-plus global market opportunity. AKB-6548 is in Phase IIb clinical trials for anemia due to CKD in the pre-dialysis setting, with data expected in 4Q14, followed by Phase II data in the dialysis setting in 1Q15. We believe the combination of oral administration, potentially better safety, and discounted pricing strategy should enable AKB-6548 to take share of the $2.5bn U.S. dialysis market and help develop the underserved pre-dialysis market. Based on this profile, we expect AKB-6548 to capture ~20% of the U.S. anemia market (dialysis and non-dialysis), supporting peak sales of ~$1.2bn with additional value from European licensing deal."

The firm set FY14E EPS at ($0.84); FY15E EPS at ($2.24).

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 $16.86 yesterday.

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