CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Akebia Therapeutics Inc. (AKBA) on Thursday reported first-quarter net income of $6.1 million, after reporting a loss in the same period a year earlier.
The Cambridge, Massachusetts-based company said it had profit of 3 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The kidney disease treatment developer posted revenue of $57.3 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $45.2 million.
The company’s shares closed at $2.46. A year ago, they were trading at $1.40.
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