Bullish indicating open at $55-$60, IPO prices at $37
Lamy Patrick, Senior Vice President of Commercial Strategy at Akero Therapeutics, Inc. (NASDAQ:AKRO), recently sold 1,000 shares of the company’s common stock. The shares were sold at an average price of $48.09 each, resulting in a total transaction value of $48,090. This transaction was part of a pre-established Rule 10b5-1 trading plan. The sale comes as AKRO shares have surged over 71% in the past six months, with the stock currently trading at $45.13. According to InvestingPro analysis, the company appears overvalued at current levels.
In addition, Patrick exercised stock options to acquire 1,000 shares at a price of $19.87 per share, totaling $19,870. Following these transactions, Patrick holds 33,492 shares of Akero Therapeutics directly. These moves are part of ongoing activities by company insiders, often watched closely by investors for potential insights into the company’s prospects. The $3.6 billion market cap company maintains strong financial health, with more cash than debt on its balance sheet. InvestingPro subscribers can access additional insights, including analyst price targets ranging from $60 to $109 per share.
In other recent news, Akero Therapeutics has seen several updates from analysts regarding its stock price targets. Citi analysts raised their price target for Akero Therapeutics to $80, up from $65, maintaining a Buy rating. This adjustment followed promising 96-week SYMMETRY data for the company’s leading candidate, efruxifermin (EFX), in treating metabolic-associated steatohepatitis (MASH) with compensated cirrhosis. Similarly, Jefferies increased their target to $75 from $50, citing strong Phase IIB trial results for Akero’s treatment for non-alcoholic steatohepatitis (NASH) as a key factor. Canaccord Genuity also raised their target to $73 from $56, reflecting optimism about the significant improvement in fibrosis shown by EFX in recent trials. H.C. Wainwright adjusted their target to $72, up from $50, based on a revised risk-adjusted net present value model for EFX in treating MASH and F2/F3 fibrosis. Additionally, H.C. Wainwright’s analyst Ed Arce increased the target to $75 from $72, factoring in the potential of EFX and other financial considerations. These developments indicate a positive outlook from multiple analysts, emphasizing the potential of Akero’s EFX in addressing unmet medical needs in liver diseases.
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