By Christiana Sciaudone
Investing.com — Akebia Therapeutics (NASDAQ:) plummeted 73% to $2.70 after saying its experimental drug failed to meet the main safety goal in a late-stage trial of patients with anemia due to chronic kidney disease and not undergoing dialysis.
Earlier this year, Akebia had reported positive trial data for the drug in patients with chronic kidney disease on dialysis. The more recent study evaluated the efficacy and safety of Akebia’s treatment, vadadustat, versus Amgen (NASDAQ:)’s darbepoetin alfa.
Vadadustat failed to meet the safety goal when compared with time to first occurrence of major adverse cardiovascular events. The drug achieved the main goal and secondary goal on efficacy.
Needham analyst Chad Messer maintained a buy rating on the company, setting a price target of $10. He expects Akebia Therapeutics to post a loss per share of 47 cents for the third quarter, TipRanks reported.
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