Bullish indicating open at $55-$60, IPO prices at $37
Jonathan Young, the Chief Operating Officer of Akero Therapeutics, Inc. (NASDAQ:AKRO), a $4.3 billion market cap company, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The timing is notable as the stock has delivered a remarkable 179% return over the past year. The transactions, executed on February 3, were part of a pre-established trading plan under Rule 10b5-1.
Young sold a total of 10,000 shares of Akero Therapeutics common stock. The shares were sold in two separate transactions, with prices ranging from $53.565 to $54.057 per share. The total value of these transactions amounted to $538,060. According to InvestingPro data, the stock is currently trading near its 52-week high of $58.40, with analysts setting price targets ranging from $60 to $109.
Following these sales, Young holds 251,147 shares directly. Additionally, Young’s family trusts hold a combined 60,000 shares, although Young disclaims beneficial ownership of these securities. InvestingPro analysis reveals several key insights about the stock’s technical position and market behavior - unlock 16 additional ProTips to make more informed investment decisions.
In other recent news, Akero Therapeutics has been making significant strides, as reflected in the revised price targets by multiple analyst firms. Jefferies raised Akero’s price target to $75, citing promising Phase IIB trial results for its NASH treatment, especially in patients with F4 cirrhosis. Canaccord Genuity also increased its price target to $73 following the release of positive 96-week SYMMETRY data for Akero’s leading therapeutic candidate, efruxifermin (EFX).
Similarly, Citi analysts boosted their price target on Akero Therapeutics to $80, remarking on the potential of EFX as a foundational treatment for cirrhotic MASH patients. H.C. Wainwright increased its price target for Akero to $72, based on the potential market value of EFX for patients with MASH and F2/F3 fibrosis. Lastly, Morgan Stanley (NYSE:MS) demonstrated confidence in Akero by significantly raising the company’s price target to $96, following impressive outcomes from the SYMMETRY study.
These are recent developments and reflect the positive outlook of various analyst firms towards Akero Therapeutics. Each firm has maintained a Buy rating on the stock, indicating a positive outlook for the company’s future performance. The increased price targets and positive trial results underline the potential of Akero’s NASH treatment in the broader biotech industry.
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