Akebia Therapeutics Inc (NASDAQ:AKBA) Stock Attempts To Recover: How Far Can it Go?
The biopharmaceutical company Akebia Therapeutics Inc (NASDAQ:AKBA) was on the radars of many investors yesterday and ended the day with gains of 6%. Although the gains made by the stock might bring it more focus this morning, it is also necessary for investors to keep in mind that there has been no fresh news about Akebia this week.
In this context, it might be useful for investors to perhaps go back to an announcement made by the company back on July 1 with regards to the granting of stock options to newly hired employees.
The company announced at the time that it granted its 25 new employees with option to pick up a total of 210000 shares in Akebia. It was an inducement from the company so that they took up their positions at Akebia.
It should be noted that the stock options had been granted to those employees in line with the Nasdaq Listing Rule 5635(c) (4). The exercise price for those options were set at $3.79 each and was the same as the closing price of the Akebia stock on the day the grant was made. Each of the stock options are vested every four years.
Market Reaction:
On Wednesday, AKBA stock gained 6.31% at $3.54 with more than 8.69 million shares, compared to its average volume of 3.28 million shares. The stock had moved within a range of $3.3200 – 3.6266 after opening the trade at $3.33. Over the past 52-week, the stock has been trading within a range of $2.0900 – 13.1420.
