Why Akebia Therapeutics Stock Is Jumping Today

Shares of Akebia Therapeutics (NASDAQ: AKBA) had jumped 17.6% higher as of 11:42 a.m. EST on Friday, down from 21% earlier in the day. The nice gain appears to be related to the biotech's Securities and Exchange Commission (SEC) filings announced today that disclosed several key insiders purchased additional Akebia stock.

Two members of Akebia's board of directors, Steven Gilman and Cynthia Smith, along with Akebia's chief medical officer, Steven Burke, bought more shares of the company. In addition, Akebia disclosed in SEC filings on Thursday that CEO John Butler and board member Adrian Adams purchased more shares.

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Source Fool.com