Piper Jaffray analyst Christopher Raymond recommends purchase of Akebia Therapeutics (AKBA) shares at today's opening bell. Despite "one of the worst communication jobs we have ever witnessed with respect to a major data event," FibroGen's (FGEN) roxadustat data appear positive in that the drug has shown a statistically non-inferior safety profile versus controls in both pre-dialysis and dialysis settings, Raymond tells investors in a research note. The analyst believes that should roxadustat prove safe as well as efficacious, the agent should pave the way for the hypoxia-inducible-factor class as a novel anemia correction approach in renal disease. While FibroGen "seemed almost determined to confuse investors with their presentation of the data, we think that thesis remains intact," says the analyst. Raymond keeps an Overweight rating on Akebia with a $22 price target.