Akari Therapeutics (NASDAQ:AKTX) Shares Cross Above 50-Day Moving Average – Here’s Why

Akari Therapeutics PLC (NASDAQ:AKTX) shares passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $9.45 and traded as high as $12.21. Akari Therapeutics shares last traded at $11.79, with a volume of 60,271 shares changing hands.

Analyst Ratings Changes

AKTX has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Akari Therapeutics in a research note on Monday, April 20th. HC Wainwright lifted their price target on Akari Therapeutics to $27.00 and gave the company a “buy” rating in a research note on Wednesday, April 1st. Finally, Maxim Group lowered Akari Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Akari Therapeutics has a consensus rating of “Hold” and an average target price of $89.00.

Akari Therapeutics Price Performance

The stock’s fifty day simple moving average is $9.45 and its 200-day simple moving average is $9.52.

Akari Therapeutics (NASDAQ:AKTX) last announced its quarterly earnings results on Wednesday, May 20th. The biopharmaceutical company reported ($688.00) EPS for the quarter, missing the consensus estimate of ($1.33) by ($686.67).

Institutional Trading of Akari Therapeutics

An institutional investor recently bought a new position in Akari Therapeutics stock. Armistice Capital LLC bought a new stake in Akari Therapeutics PLC (NASDAQ:AKTX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,723,966 shares of the biopharmaceutical company’s stock, valued at approximately $787,000. Armistice Capital LLC owned about 5.95% of Akari Therapeutics as of its most recent filing with the Securities & Exchange Commission. 5.06% of the stock is owned by hedge funds and other institutional investors.

About Akari Therapeutics

Akari Therapeutics plc is a clinical-stage biopharmaceutical company focused on the discovery and development of novel complement inhibitors for the treatment of inflammatory and immunological diseases. The company’s research centers on modulation of the complement cascade, a key component of the innate immune system, with the goal of delivering targeted therapies to patients suffering from rare and severe disorders.

Akari’s lead pipeline asset is sutimlimab, a humanized monoclonal antibody that selectively inhibits the C1s protein and is being evaluated in pivotal clinical studies for cold agglutinin disease.