Akebia should update on vadadustat FDA process in next month, says Piper Sandler

Piper Sandler analyst Allison Bratzel keeps a Neutral rating and $2 price target on Akebia Therapeutics (AKBA) shares. The firm sees positive readthrough from FDA approval of GSK‘s (GSK) HIF-PHI, daprodustat, for the treatment of renal anemia in patients on dialysis, which demonstrates the agency’s willingness to approve therapies in this class following two straight rejections, the analyst tells investors in a research note. Piper Sandler expects an update on Akebia’s appeal process with the FDA regarding vadadustat within the next month, which should provide clarity on whether there is a viable path forward in the U.S.