Akero Therapeutics (NASDAQ:AKRO) Shares Down 6.4% - Here's What Happened

Akero Therapeutics, Inc. (NASDAQ:AKRO - Get Free Report) was down 6.4% on Friday . The stock traded as low as $27.50 and last traded at $27.85. Approximately 65,103 shares traded hands during trading, a decline of 92% from the average daily volume of 862,579 shares. The stock had previously closed at $29.76.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a "buy" rating and issued a $50.00 target price on shares of Akero Therapeutics in a report on Monday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.20.

Akero Therapeutics Price Performance

The company has a current ratio of 17.25, a quick ratio of 24.89 and a debt-to-equity ratio of 0.05. The company has a 50 day simple moving average of $29.43 and a 200-day simple moving average of $25.53. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -7.43 and a beta of -0.26.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.15). Research analysts expect that Akero Therapeutics, Inc. will post -3.94 EPS for the current year.

Insider Activity at Akero Therapeutics

In related news, CFO William Richard White sold 75,159 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $27.21, for a total transaction of $2,045,076.39. Following the transaction, the chief financial officer now directly owns 41,791 shares of the company's stock, valued at $1,137,133.11. This represents a 64.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew Cheng sold 1,738 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $26.18, for a total value of $45,500.84. Following the completion of the transaction, the chief executive officer now owns 605,417 shares in the company, valued at approximately $15,849,817.06. The trade was a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 428,397 shares of company stock valued at $12,997,971 in the last quarter. Insiders own 7.94% of the company's stock.

Hedge Funds Weigh In On Akero Therapeutics

A number of hedge funds have recently added to or reduced their stakes in AKRO. Russell Investments Group Ltd. lifted its position in shares of Akero Therapeutics by 2,366.0% during the first quarter. Russell Investments Group Ltd. now owns 1,233 shares of the company's stock valued at $31,000 after purchasing an additional 1,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Akero Therapeutics by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,511 shares of the company's stock worth $71,000 after buying an additional 446 shares in the last quarter. Eastern Bank purchased a new position in shares of Akero Therapeutics in the 3rd quarter worth approximately $100,000. Ameritas Investment Partners Inc. grew its holdings in shares of Akero Therapeutics by 20.0% in the first quarter. Ameritas Investment Partners Inc. now owns 6,175 shares of the company's stock valued at $156,000 after acquiring an additional 1,030 shares in the last quarter. Finally, Summit Financial Wealth Advisors LLC purchased a new stake in shares of Akero Therapeutics during the third quarter valued at approximately $205,000.

Akero Therapeutics Company Profile

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.