Akero Therapeutics (NASDAQ:AKRO) Shares Gap Up Following Analyst Upgrade

Akero Therapeutics, Inc. (NASDAQ:AKRO)’s stock price gapped up before the market opened on Tuesday after Morgan Stanley raised their price target on the stock from $46.00 to $96.00. The stock had previously closed at $51.71, but opened at $54.63. Morgan Stanley currently has an overweight rating on the stock. Akero Therapeutics shares last traded at $55.10, with a volume of 920,635 shares.

A number of other brokerages also recently issued reports on AKRO. Canaccord Genuity Group upped their price target on Akero Therapeutics from $56.00 to $73.00 and gave the company a “buy” rating in a report on Tuesday. HC Wainwright lifted their target price on Akero Therapeutics from $50.00 to $72.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Citigroup boosted their target price on Akero Therapeutics from $65.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $61.57.

Insider Buying and Selling at Akero Therapeutics

In related news, insider Catriona Yale sold 9,061 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $27.73, for a total transaction of $251,261.53. Following the completion of the transaction, the insider now directly owns 74,158 shares of the company’s stock, valued at $2,056,401.34. This represents a 10.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Andrew Cheng sold 108,366 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $31.73, for a total transaction of $3,438,453.18. Following the completion of the sale, the chief executive officer now owns 605,417 shares of the company’s stock, valued at approximately $19,209,881.41. The trade was a 15.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 257,620 shares of company stock valued at $8,076,127 in the last ninety days. Insiders own 7.94% of the company’s stock.

Hedge Funds Weigh In On Akero Therapeutics

A number of large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its position in Akero Therapeutics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,511 shares of the company’s stock worth $71,000 after acquiring an additional 446 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in shares of Akero Therapeutics by 10.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 14,800 shares of the company’s stock valued at $412,000 after purchasing an additional 1,446 shares during the period. Y Intercept Hong Kong Ltd lifted its stake in shares of Akero Therapeutics by 13.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 16,916 shares of the company’s stock valued at $485,000 after purchasing an additional 2,049 shares during the period. Handelsbanken Fonder AB grew its position in Akero Therapeutics by 12.4% during the third quarter. Handelsbanken Fonder AB now owns 20,000 shares of the company’s stock worth $574,000 after buying an additional 2,200 shares during the period. Finally, LMR Partners LLP increased its holdings in Akero Therapeutics by 17.0% in the third quarter. LMR Partners LLP now owns 20,597 shares of the company’s stock valued at $591,000 after buying an additional 2,997 shares in the last quarter.

Akero Therapeutics Stock Performance

The stock’s 50-day moving average price is $28.90 and its 200-day moving average price is $28.33. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -13.73 and a beta of -0.19. The company has a debt-to-equity ratio of 0.05, a quick ratio of 17.25 and a current ratio of 17.25.

Akero Therapeutics (NASDAQ:AKRO) last issued its quarterly earnings data 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, equities research analysts expect that Akero Therapeutics, Inc. will post -3.96 earnings per share for the current year.

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.