Akebia Therapeutics (AKBA) PT Raised to $21 at Needham & Company

Needham & Company raised its price target on Akebia Therapeutics (NASDAQ: AKBA) to $21.00 (from $18.00) while maintaining a Buy rating. Akebia is licensing vadadustat distribution rights to Vifor Pharma for exclusive sale to Fresnius Medical Care. The deal will rapidly give vadadustat access to 40% of the dialysis market assuming its approval and inclusion in the reimbursement bundle.

Analyst Chad Messer sees the deal as a positive for the future commercial opportunity and for the immediate funding needs at Akebia as Vifor is making a $50M equity investment in Akebia at a premium to its trailing stock price.

You May Also Be Interested In

• Avenue Supermarts (DMART:IN) PT Lowered to INR3,520 at HSBC
• RBC Capital Slashes Fluence Energy Inc. (FLNC) PT to $4
• Kinder Morgan (KMI) PT Lowered to $33 at Jefferies