Bullish indicating open at $55-$60, IPO prices at $37
Jonathan Young, the Chief Operating Officer of Akero Therapeutics, Inc. (NASDAQ:AKRO), recently reported a stock sale according to a filing with the Securities and Exchange Commission. On March 12, Young sold 607 shares of common stock at a price of $44.88 each, amounting to a total transaction value of $27,242. The transaction comes as AKRO shares have shown remarkable strength, gaining over 61% in the past six months. According to InvestingPro, analysts maintain a strong buy consensus with price targets ranging from $60 to $109.
Following this sale, Young holds 200,540 shares directly. In addition, he has indirect holdings of 20,000 shares in each of three irrevocable trusts for his children. These shares are managed by his spouse, who serves as the trustee of the trusts. Young has disclaimed beneficial ownership of these securities. The company maintains a strong financial position, with a current ratio of 19.38, indicating robust liquidity to meet short-term obligations.
The sale was executed under a "sell-to-cover" policy to meet tax withholding obligations related to the vesting of restricted stock units. This transaction was automatic and not at Young’s discretion. Want deeper insights into AKRO’s financial health and growth potential? InvestingPro offers 12 additional investment tips and comprehensive financial analysis.
In other recent news, Akero Therapeutics has seen several analyst firms raise their price targets following promising trial results for its leading drug candidate, efruxifermin (EFX). Citi analysts increased their price target to $80, citing the significant milestone achieved in the 96-week SYMMETRY study, which showed statistically significant fibrosis improvement in patients with metabolic-associated steatohepatitis (MASH) with compensated cirrhosis. Jefferies also raised their target to $75, maintaining a Buy rating, and highlighted the company’s potential to capture a substantial opportunity in the NASH market due to strong Phase IIB data. Similarly, Canaccord Genuity adjusted their price target to $73, expressing optimism about the trial results and their implications for treating metabolic disorders. H.C. Wainwright updated its model and increased its target to $72, focusing on the risk-adjusted net present value of EFX for MASH and F2/F3 fibrosis patients. These developments reflect a positive outlook among analysts for Akero Therapeutics, with expectations of further market interest and potential strategic acquisitions. The consistent Buy ratings from these firms suggest confidence in the company’s future performance and the impact of its innovative treatments.
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