Piper Jaffray analyst Christopher Raymond urges patience despite today's negative reaction to Akebia's (AKBA) merger of equals with Keryx (KERX) as he thinks the combination to create a fully integrated, renal-focused pharma company makes good strategic sense over the long-term and he believes the deal will be received much better by clinicians and other stakeholders than it has been so far by investors. The announcement was also complicated by the coincident disclosure of a delay to vadadustat's data, but Raymond does not think it detracts from the probability of success for the drug. He lowered his price target on Akebia shares to $20 from $23 and keeps an Overweight rating on the stock, which is down 10% to $9.28 in afternoon trading.