Akero Therapeutics (NASDAQ:AKRO) Trading 8.4% Higher – Here’s What Happened

Akero Therapeutics, Inc. (NASDAQ:AKRO)’s stock price was up 8.4% during mid-day trading on Thursday . The stock traded as high as $24.03 and last traded at $24.17. Approximately 575,406 shares were traded during trading, a decline of 36% from the average daily volume of 902,891 shares. The stock had previously closed at $22.31.

Wall Street Analyst Weigh In

Several equities analysts have commented on AKRO shares. Citigroup initiated coverage on Akero Therapeutics in a report on Monday, November 18th. They issued a “buy” rating and a $65.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $50.00 target price on shares of Akero Therapeutics in a research report on Thursday. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.83.

Akero Therapeutics Stock Performance

The stock has a fifty day moving average price of $29.39 and a 200-day moving average price of $27.97. The company has a current ratio of 17.25, a quick ratio of 17.25 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -6.40 and a beta of -0.19.

Akero Therapeutics (NASDAQ:AKRO) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.15). As a group, analysts anticipate that Akero Therapeutics, Inc. will post -3.96 earnings per share for the current fiscal year.

Insider Activity at Akero Therapeutics

In related news, insider Catriona Yale sold 9,061 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $27.73, for a total value of $251,261.53. Following the completion of the transaction, the insider now owns 74,158 shares of the company’s stock, valued at $2,056,401.34. This represents a 10.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Cheng sold 63,539 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $31.53, for a total value of $2,003,384.67. Following the completion of the transaction, the chief executive officer now directly owns 605,417 shares of the company’s stock, valued at $19,088,798.01. This represents a 9.50 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 325,674 shares of company stock valued at $10,226,385. Insiders own 7.94% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in Akero Therapeutics by 54.4% in the third quarter. Wellington Management Group LLP now owns 7,896,632 shares of the company’s stock worth $226,554,000 after purchasing an additional 2,782,029 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Akero Therapeutics during the 3rd quarter worth approximately $37,392,000. RTW Investments LP lifted its holdings in Akero Therapeutics by 9.0% during the third quarter. RTW Investments LP now owns 5,919,435 shares of the company’s stock valued at $169,829,000 after purchasing an additional 487,450 shares during the last quarter. Long Focus Capital Management LLC boosted its holdings in shares of Akero Therapeutics by 119.0% in the second quarter. Long Focus Capital Management LLC now owns 719,604 shares of the company’s stock worth $16,882,000 after acquiring an additional 391,000 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in Akero Therapeutics by 2.9% during the 3rd quarter. Janus Henderson Group PLC now owns 7,077,478 shares of the company’s stock worth $203,053,000 after acquiring an additional 201,225 shares during the period.

About Akero Therapeutics

Akero Therapeutics, Inc, together with its subsidiary, engages in the development of treatments for patients with serious metabolic diseases in the United States. The company's lead product candidate is efruxifermin (EFX), which is in Phase 3 clinical trials that protects against cellular stress and regulates the metabolism of lipids, carbohydrates, and proteins throughout the body for the treatment of biopsy-confirmed metabolic dysfunction-associated steatohepatitis (MASH) patients.