Investment firm Ladenburg Thalm/SH has commenced coverage of Akari Therapeutics (NASDAQ: AKTX), providing a buy rating and setting a target price of $1.00 for the biopharmaceutical company’s stock. This announcement, made in a research report published on Monday, marks a significant moment for Akari, which focuses on innovative treatments for inflammatory and immunological diseases.
In recent analyses, other financial institutions have also weighed in on Akari’s stock. On October 8, 2023, Weiss Ratings maintained a “sell (e+)” rating for the shares. Conversely, on September 9, 2023, HC Wainwright reaffirmed a “buy” rating and set a price target of $1.60. Currently, three analysts have assigned a buy rating, while one has issued a sell rating. According to data from MarketBeat.com, Akari holds an average rating of “Moderate Buy” with a consensus target price of $2.53.
Institutional Investment and Stock Performance
The latest developments also indicate strong interest from institutional investors. Cresset Asset Management LLC significantly increased its position in Akari Therapeutics during the third quarter, boosting its stake by an astounding 4,368.0%. Following this move, Cresset now owns 822,468 shares after acquiring an additional 804,060 shares. This investment amounts to approximately $831,000, representing 2.52% of the company’s stock. Overall, institutional investors control 5.06% of Akari Therapeutics.
Akari Therapeutics operates as a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel complement inhibitors aimed at treating rare and severe disorders. The company’s research focuses on the modulation of the complement cascade, a vital element of the innate immune system. Their lead product candidate, sutimlimab, is a humanized monoclonal antibody that selectively inhibits the C1s protein and is currently undergoing pivotal clinical trials for cold agglutinin disease.
As the financial landscape evolves, the company’s performance will be closely monitored by both analysts and investors, particularly in light of its promising pipeline of therapies.
