New York, May 20, 2026, 18:02 EDT
- Akebia shares last traded at $1.01, up about 12% from Tuesday’s close, on volume of 18.7 million shares.
- The rebound followed a drop to 90 cents on Tuesday, while broader biotech funds also gained.
- Investors are weighing Vafseo growth against falling Auryxia sales and generic pressure.
Akebia Therapeutics shares jumped in late U.S. trading on Wednesday, rebounding from a sharp two-day drop as investors returned to some smaller biotech names. The stock was last at $1.01, up about 12%, after touching an intraday low of 89.32 cents.
The move matters because AKBA has been trading like a test of confidence in Vafseo, its newer anemia drug, rather than a simple earnings story. Akebia closed at $1.01 on Monday and fell to 90 cents on Tuesday, LSEG data on the company’s investor site showed.
Wednesday’s rally also came on a firmer tape. The SPDR S&P Biotech ETF rose about 3.9%, while the iShares Nasdaq Biotechnology ETF gained about 2.2%; Reuters reported that Wall Street’s main indexes rebounded as chip shares rallied ahead of Nvidia results.
Akebia’s near-term issue is plain: Vafseo is growing, but Auryxia, its older drug, is shrinking. In first-quarter results released on May 7, Akebia said Vafseo net product revenue rose to $15.8 million from $12.0 million a year earlier, while Auryxia revenue fell to $36.2 million from $43.8 million.
Total revenue slipped to $53.5 million from $57.3 million, and Akebia posted a net loss of $9.1 million, compared with net income of $6.1 million a year earlier. The company cited lower Auryxia revenue and higher expenses, including research and development spending.
Chief Executive John P. Butler said “the number of patients on Vafseo increased through the start of the year,” and pointed to “improved patient access and adherence” as dialysis providers put observed dosing protocols in place. The company said total Vafseo prescribers rose about 28% from the fourth quarter and patients on the drug rose about 60%. Akebia Therapeutics
Vafseo, or vadadustat, is an oral HIF-PH inhibitor, a type of drug meant to help the body raise red-blood-cell production. The U.S. Food and Drug Administration approved it in March 2024 for anemia due to chronic kidney disease in adults who have been receiving dialysis for at least three months, Akebia’s latest quarterly filing said.
The competitive backdrop has shifted. GSK’s daprodustat, sold as Jesduvroq, was also approved for dialysis-related anemia, but FDA records later listed it as discontinued and said it was not withdrawn for safety or effectiveness reasons. That leaves Akebia’s commercial execution against standard anemia treatments, including erythropoiesis-stimulating agents, squarely in focus.
The risk is that Vafseo does not grow fast enough to offset Auryxia’s erosion. Akebia said Auryxia lost U.S. exclusivity in March 2025 and that Teva received approval on March 11, 2026, for a generic version that has since entered the market; Akebia warned that Teva and any other generic entrants would hurt revenue.
There are balance-sheet limits too. Akebia had $162.6 million in cash and equivalents at March 31 and said it believes its resources and expected revenue can fund its plan for at least two years, but it also warned that missing Vafseo revenue projections could hurt liquidity and its ability to maintain profitability or continue as a going concern.
For now, Wednesday’s price action looks less like a settled verdict and more like a bounce after pressure. The next hard checks are Vafseo uptake, Auryxia’s decline under generic competition, and trial updates expected later this year and in early 2027.
