Akero Therapeutics (NASDAQ:AKRO) Trading 7.3% Higher - Here's Why

Akero Therapeutics, Inc. (NASDAQ:AKRO - Get Free Report)'s share price rose 7.3% during mid-day trading on Wednesday . The company traded as high as $41.72 and last traded at $41.48. Approximately 1,160,908 shares traded hands during mid-day trading, an increase of 40% from the average daily volume of 827,595 shares. The stock had previously closed at $38.64.

Analysts Set New Price Targets

AKRO has been the topic of a number of recent analyst reports. UBS Group increased their price target on shares of Akero Therapeutics from $42.00 to $109.00 and gave the stock a "buy" rating in a research note on Friday, January 31st. Canaccord Genuity Group increased their target price on Akero Therapeutics from $56.00 to $73.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. HC Wainwright boosted their price target on Akero Therapeutics from $72.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, March 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Akero Therapeutics in a research note on Sunday, March 2nd. Finally, Citigroup increased their target price on shares of Akero Therapeutics from $65.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Akero Therapeutics currently has a consensus rating of "Buy" and an average target price of $76.29.

Akero Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 17.25 and a quick ratio of 17.25. The business's 50-day moving average price is $47.41 and its two-hundred day moving average price is $35.60. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -9.59 and a beta of -0.18.

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Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.98) by ($0.01). On average, research analysts forecast that Akero Therapeutics, Inc. will post -3.99 EPS for the current fiscal year.

Insider Activity at Akero Therapeutics

In other Akero Therapeutics news, CEO Andrew Cheng sold 30,000 shares of Akero Therapeutics stock in a transaction on Monday, January 27th. The shares were sold at an average price of $54.90, for a total value of $1,647,000.00. Following the completion of the transaction, the chief executive officer now owns 716,062 shares of the company's stock, valued at $39,311,803.80. The trade was a 4.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Jonathan Young sold 607 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $44.88, for a total transaction of $27,242.16. Following the sale, the chief operating officer now directly owns 200,540 shares in the company, valued at $9,000,235.20. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 341,309 shares of company stock valued at $15,863,578 and sold 242,135 shares valued at $12,064,779. 7.94% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Akero Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. bought a new position in shares of Akero Therapeutics in the fourth quarter worth $41,000. Sterling Capital Management LLC lifted its holdings in Akero Therapeutics by 764.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,789 shares of the company's stock worth $50,000 after purchasing an additional 1,582 shares during the period. Quarry LP acquired a new stake in Akero Therapeutics in the fourth quarter worth about $83,000. Summit Investment Advisors Inc. grew its position in Akero Therapeutics by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,092 shares of the company's stock valued at $197,000 after buying an additional 450 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Akero Therapeutics by 8.5% during the 4th quarter. Hsbc Holdings PLC now owns 7,886 shares of the company's stock valued at $220,000 after buying an additional 621 shares during the period.

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.