Redmile Group LLC Sells 226,994 Shares of Akero Therapeutics, Inc. (NASDAQ:AKRO)

Redmile Group LLC lessened its stake in shares of Akero Therapeutics, Inc. (NASDAQ:AKRO - Free Report) by 14.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,387,479 shares of the company's stock after selling 226,994 shares during the period. Akero Therapeutics comprises approximately 2.3% of Redmile Group LLC's investment portfolio, making the stock its 18th largest holding. Redmile Group LLC owned 1.99% of Akero Therapeutics worth $39,807,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake 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 purchasing an additional 446 shares in the last quarter. Eastern Bank acquired a new position in Akero Therapeutics during the third quarter worth $100,000. Summit Financial Wealth Advisors LLC bought a new stake in Akero Therapeutics during the third quarter worth $205,000. Victory Capital Management Inc. bought a new stake in Akero Therapeutics during the third quarter worth $211,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Akero Therapeutics in the third quarter valued at $265,000.

Akero Therapeutics Stock Performance

Shares of NASDAQ AKRO traded down $1.22 during mid-day trading on Thursday, reaching $29.70. 428,191 shares of the company were exchanged, compared to its average volume of 854,538. The stock has a market capitalization of $2.07 billion, a P/E ratio of -7.92 and a beta of -0.23. The company has a quick ratio of 17.25, a current ratio of 17.25 and a debt-to-equity ratio of 0.05. The company's 50-day simple moving average is $30.60 and its 200-day simple moving average is $26.63. Akero Therapeutics, Inc. has a twelve month low of $15.32 and a twelve month high of $37.00.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) 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, research analysts predict that Akero Therapeutics, Inc. will post -3.96 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Jonathan Young sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $28.18, for a total transaction of $281,800.00. Following the transaction, the chief operating officer now directly owns 226,286 shares of the company's stock, valued at approximately $6,376,739.48. This trade represents a 4.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew Cheng sold 1,738 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $26.18, for a total value of $45,500.84. Following the completion of the sale, the chief executive officer now owns 605,417 shares of the company's stock, valued at approximately $15,849,817.06. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 383,248 shares of company stock valued at $11,940,986. Insiders own 7.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AKRO. Citigroup initiated coverage on shares of Akero Therapeutics in a research note on Monday, November 18th. They set a "buy" rating and a $65.00 price objective on the stock. HC Wainwright reissued a "buy" rating and set a $50.00 price target on shares of Akero Therapeutics in a research report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $46.83.

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.