Today's Research Reports on Stocks to Watch: Akebia Therapeutics and xG Technology
NEW YORK, NY / ACCESSWIRE / May 17, 2017 / Akebia shares rallied on Tuesday after it was revealed that Vifor Pharma Group has agreed to acquire a huge stake in the company and have agreed to an exclusive license agreement with Fresenius for Akebia's drug experimental anemia drug vadadustat. xG Technology was also one of the biggest gainers on the NASDAQ after announcing its first quarter results.
RDI Initiates Coverage on:
Akebia Therapeutics, Inc.
https://ub.rdinvesting.com/news/?ticker=AKBA
xG Technology, Inc.
https://ub.rdinvesting.com/news/?ticker=XGTI
Akebia Therapeutics, Inc.'s shares closed up 16.36% yesterday and hit a new high of $15.88 during intra-day trading. The stock was on fire after the company announced that it and Vifor Pharma Group have agreed to an exclusive license agreement with Fresenius Medical Care (NYSE:FMS) for the experimental anemia drug vadadustat, an investigational drug being studied for the treatment of anemia associated with chronic kidney disease. Vifor Pharma is now one of the company's biggest shareholders as it has agreed to make a $50 million equity investment (or $14 per share) into the company, as part of the deal.
Access RDI's Akebia Therapeutics Research Report at:
https://ub.rdinvesting.com/news/?ticker=AKBA
xG Technology, Inc.'s shares closed up 39.31% on Tuesday after reporting first quarter results for the quarter ended March 31, 2017. The stock was one of the biggest movers on the NASDAQ. For the first quarter, the company reported revenues of $9.3 million, compared to just $929,000 in the year ago quarter. Net income attributable to common shareholders was $8.3 million, or $0.87 per share. This is compared to a net loss of $4.4 million, or $21.42 per share in the first quarter of 2016. CFO Roger Branton commented, "We are pleased to report that we began the year 2017 with record quarterly revenue in Q1. We recorded a revenue run rate of approximately $1 million per week, once revenues from Vislink commenced in the second month of the quarter, and we expect this revenue run rate to continue into Q2. An adverse movement in the British Pound to US Dollar exchange rate reduced revenues by $350,000 compared to our forecasts for the quarter. We ended the quarter with positive cash flow and our working capital ratios improved substantially."
Access RDI's xG Technology Research Report at:
https://ub.rdinvesting.com/news/?ticker=XGTI
Our Actionable Research on Akebia Therapeutics, Inc. (NASDAQ: AKBA) and xG Technology, Inc. (NASDAQ: XGTI) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
