Akebia Announces Positive Phase 3 Clinical Trial Results
Akebia Therapeutics, Inc. (AKBA) announced positive top-line results on May 5 for the first of its two Phase 3 cardiovascular outcomes programs. The two INNO2VATE studies evaluated the efficacy and safety of Akebia’s drug vadadustat. The drug treats anemia due to chronic kidney disease in adult patients on kidney dialysis. The studies indicate that the treatment is safe and meets both primary and key secondary efficacy endpoints.
Rocket Tickers alerted subscribers about the news event at 6:59 am. The last trade took place at 7:07 pm the previous evening for $8.70. Following the announcement, the stock price moved above $11.50 at the market open. The gains continued throughout the day before closing at $11.95. That makes an event-day gain of 37%.
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