Akebia Therapeutics Rocket 48 Percent Higher on First Day of Trading

Shares of Akebia Therapeutics

are rocketing up 48 percent to $25.25 in their first day of trading. Shares opened at 10:57am EDT on Thursday for $22.90 per share. The company raised $100.3 million after 5.9 million shares were priced at $17 per share, significantly above the initial range of $14-$17. Akebia is a biopharmaceutical company focused on the development of novel proprietary therapeutics based on hypoxia inducible factor, or HIF, biology and the commercialization of these products for patients with kidney disease. Morgan Stanley and Credit Suisse were the lead underwriters for the offering.