Shares of Akebia Therapeutics (NASDAQ: AKBA) are falling sharply on Thursday after the company reported mixed fourth-quarter 2020 financial results. At 12:27 p.m. EST, the biopharmaceutical company's stock was down by 17.4%.
Akebia Therapeutics' total revenue of $56.7 million for its fourth quarter, ending Dec. 31, beat the consensus analyst estimate, which was $51.16 million. The company's top line dropped by about 18.4% year over year due to a decline in its collaboration revenue. On the bottom line, Akebia Therapeutics reported a net loss of $87 million -- $0.60 per share -- compared to the net loss and net loss per share of $94.5 million and $0.79 respectively that it recorded during the fourth quarter of the previous fiscal year.
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Why Akebia Therapeutics Stock Is Plunging Today