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Akebia Therapeutics Q1 Loss Narrows as Revenue Falls; Stock Sinks

05/10/2021 06:29

10:26 AM EDT, 05/10/2021 (MT Newswires) -- Akebia Therapeutics (AKBA) on Monday narrowed its net loss to $0.45 per share in Q1 from $0.47 per share a year earlier. But the loss was still wider than analyst estimates of $0.36 loss per share in a Capital IQ poll.

Revenue fell to $52.3 million from $88.5 million a year ago. Wall Street was looking for $41.71 million in revenue.

Looking ahead, the drugmaker said it expects its current funds to be able to finance its operating plan beyond the expected US launch of its anemia drug candidate vadadustat, assuming timely regulatory approval.

The stock was down more than 6% in morning trading amid a broadly mixed market.

Price: 2.91, Change: -0.21, Percent Change: -6.73