New York, May 20, 2026, 18:02 EDT
- Akebia shares were last at $1.01, up roughly 12% from Tuesday’s close, with volume at 18.7 million shares.
- The stock bounced after falling to 90 cents on Tuesday. Broader biotech funds were higher, too.
- Investors look at Vafseo’s growth as Auryxia sales decline and generic rivals apply pressure.
Akebia Therapeutics shares rallied in late U.S. trading Wednesday, clawing back after falling for two straight sessions. Investors moved into select smaller biotech stocks. Akebia was last at $1.01, up roughly 12%. Shares earlier dipped to an intraday low of 89.32 cents.
AKBA’s trading looks less like a reaction to earnings and more like a bet on Vafseo, its new anemia drug. Shares finished Monday at $1.01, then slipped to 90 cents on Tuesday, according to LSEG data on the company’s investor page.
Biotech stocks were up Wednesday alongside a stronger market. The SPDR S&P Biotech ETF added around 3.9%, and the iShares Nasdaq Biotechnology ETF climbed about 2.2%. Reuters said Wall Street’s main indexes bounced as chip stocks moved higher before Nvidia’s earnings.
Akebia’s immediate problem is clear. Sales of Vafseo are going up, but its older drug Auryxia is heading down. In its first-quarter report out May 7, Akebia said Vafseo booked $15.8 million in net product revenue, up from $12.0 million last year. Auryxia brought in $36.2 million, down from $43.8 million.
Akebia’s total revenue fell to $53.5 million from $57.3 million. The company reported a net loss of $9.1 million, swinging from net income of $6.1 million in the prior-year quarter. Lower Auryxia sales and higher costs, including more spending on research and development, weighed on results.
Chief Executive John P. Butler said “the number of patients on Vafseo increased through the start of the year.” He cited “improved patient access and adherence” as dialysis providers used the dosing protocols. Akebia said total Vafseo prescribers rose about 28% from the fourth quarter, with patients on the drug up about 60%. Akebia Therapeutics
Vafseo, also called vadadustat, is an oral HIF-PH inhibitor used to boost red blood cell production. The FDA cleared it in March 2024 for adults with anemia caused by chronic kidney disease who have been on dialysis at least three months, according to Akebia’s latest quarterly filing.
GSK’s daprodustat, branded as Jesduvroq, is out of the running in dialysis-related anemia. FDA records list Jesduvroq as discontinued, but not because of safety or effectiveness. That puts Akebia’s push against standard anemia drugs like erythropoiesis-stimulating agents front and center.
Vafseo needs to ramp up to make up for losses from Auryxia, but growth may fall short. Akebia said Auryxia’s U.S. exclusivity ended in March 2025, with Teva winning approval for a generic on March 11, 2026, now on the market. Akebia said Teva and any future generics would cut into revenue.
Akebia is also watching its balance sheet. The company reported $162.6 million in cash and equivalents as of March 31. Akebia said it thinks current resources and projected revenue will cover its operations for at least two years. But it also cautioned that if Vafseo sales miss forecasts, liquidity and its ability to keep profitable or stay in business could be at risk.
Wednesday’s move doesn’t look decisive yet—shares rebounded after recent pressure. Watch Vafseo uptake, Auryxia’s numbers as generics hit, and trial readouts later this year and in early 2027.
