Shares of biopharmaceutical company Akebia Therapeutics (NASDAQ:AKBA) are up 3% at the time of writing today after Piper Sandler analyst Allison Bratzel raised the rating on the stock to a Buy from a Hold alongside a $4 price target.
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The rating upgrade comes after the company received a way forward for vadadustat from the U.S. Food and Drug Administration (FDA).
After a written response from the Office of New Drugs (OND), AKBA is planning to request a meeting with the regulatory body at the earliest and resubmit the NDA for vadadustat in the second half of this year.
Buoyed by this development, Piper Sandler is factoring in the market opportunity from vadadustat into its model again with expectations of $375 million in revenue by 2028.
The drug has already received approval in 33 countries and shares of the company have now surged nearly 159% over the past year.
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