Akebia debut impressive but sales are far away

IPO Akebia Therapeutics (AKBA) closed at $26.70 , up 57% from its $17 offer price. Volume was 2.9M shares.

The company develops drugs based on hypoxia inducible factor (HIF).

Its lead product, AKB-6548, raises hemoglobin in chronic kidney disease patients not requiring dialysis. It is currently in a phase 2b clinical trial.

The firm expects to submit its NDA in 2018 contingent on a successful phase 3.

Based on today's close the firm's market cap is > $500M.

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