Akebia Therapeutics (NASDAQ: AKBA) Trades Higher on Disclosure of Insider Buying

Akebia Therapeutics, Inc [NASDAQ: AKBA] closed last week on a high note. The stock gained by 21.6% to close the week at $4.21. This followed an SEC disclosure that two of the company’s directors, Cynthia Smith and Steven Gilman, had bought more shares in the company.

Insider purchases usually point to possible growth opportunities in the future, and are often interpreted as a bullish signal. This came a day after the company announced that its top executives will take part in two upcoming investor conferences. The first one is the Piper Jaffray 31st Annual Healthcare Conference that will take part on the 3rd of December. The second one is the Evercore ISI 2nd Annual HealthCONx Conference that will take place on the 4th of Dec that will take place in Boston, Massachusetts.

Akebia Therapeutics also recently released its Q3 results. It announced an EPS loss of $0.28 against analyst expectations of $0.37 per share. It was also a much better result than the $0.46 per share loss for the same quarter a year ago. These results represented an earnings increase of 24.32%.

However, the company’s revenues missed analyst expectations for the quarter. The company posted revenues of $91.98 million, a figure that was lower than analyst expectations by 2.09%. However, it was much higher than the revenues it recorded in the same period last year, when it had revenues of $53.17 million.

While reporting its Q3 results, the company also announced that they had entered into a $100 million loan agreement with an investment fund, and is expected to draw $80 million towards the end of November, with the option to draw the rest until the end of 2020.

About Akebia Therapeutics Inc

Akebia Therapeutics Inc is a biopharma company that develops and commercializes therapeutics for people suffering from kidney disease. The company has its headquarters in Cambridge, Massachusetts.

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