After hosting an investor call with Akebia Therapeutics (AKBA) CEO John Butler, Piper Jaffray analyst Christopher Raymond thinks vadadustat's competitive position relative to FibroGen's (FGEN) roxadustat is "stronger, not weaker now." As such, the analyst recommends buying shares of Akebia "before the market begins to figure this out." Raymond left the call incrementally confident in vadadustat "on a number of levels," namely its approvability given Akebia's alignment with FDA on trial design and statistical analysis. He keeps an Overweight rating on the shares with a $22 price target.