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Andrew Cheng, President and CEO of Akero Therapeutics, Inc. (NASDAQ:AKRO), a $3.5 billion market cap biotech company, recently sold 1,738 shares of the company’s common stock. The shares were sold at a price of $44.88 each, amounting to a total transaction value of $78,001. Following this transaction, Cheng retains ownership of 654,324 shares in the company. The stock has shown remarkable strength, gaining over 61% in the past six months, with analysts setting price targets ranging from $60 to $109.Track insider transactions and access detailed company analysis with InvestingPro, which offers 12 additional investment tips for AKRO.
The sale was part of a "sell-to-cover" policy adopted by Akero Therapeutics to cover tax withholding obligations related to the vesting of restricted stock units. This transaction was automatic and not at Cheng’s discretion. The company maintains a strong financial position with a current ratio of 19.38, indicating robust liquidity to meet its short-term obligations. Additionally, with a beta of -0.2, the stock tends to move independently of broader market trends.
In other recent news, Akero Therapeutics has seen a series of updates from analysts regarding its potential treatment for non-alcoholic steatohepatitis (NASH). Citi analysts raised their price target for Akero Therapeutics to $80, citing promising data from the 96-week SYMMETRY study for efruxifermin (EFX) in patients with compensated cirrhosis due to metabolic-associated steatohepatitis (MASH). Jefferies also increased their price target to $75, highlighting the company’s opportunity in the NASH market and its potential for acquisition by larger pharmaceutical firms. Similarly, H.C. Wainwright adjusted its price target to $75, maintaining a Buy rating, and emphasized the potential market value of EFX for patients with F2/F3 fibrosis. Canaccord Genuity raised their target to $73 after positive trial results for EFX, which showed significant improvement in fibrosis for patients. These developments reflect a continued positive outlook from analysts, with the potential for Akero Therapeutics to capture significant market opportunities in the treatment of NASH and MASH.
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