Akebia initiated with an Outperform at Leerink

Leerink initiated coverage of Akebia (AKBA) with an Outperform rating and $7 price target The firm says the company’s lead commercial product Vafseo represents a significant advancement in anemia treatment for chronic kidney disease dialysis patients as a novel HIF-PH inhibitor and convenient oral alternative to erythropoiesis stimulating agents, and its U.S. launch is positioned well given Akebia has secured dialysis provider contracts covering 100% of CKD dialysis patients. Akebia’s “coiled spring” commercial strategy of securing Vafseo contracts, driving broader protocolization, and building prescriber demand drove early use in small/medium dialysis organizations, Leerink notes, adding that it expects larger DOs to follow suit. The firm forecasts Auryxia facing generic entry post-March 2025 IP expiry, but says management’s strategic contracting as Auryxia enters the ESRD bundle could mitigate some decline.