Akero Therapeutics (NASDAQ:AKRO) Stock Price Up 5.5% – Here’s What Happened

Shares of Akero Therapeutics, Inc. (NASDAQ:AKRO) shot up 5.5% during mid-day trading on Wednesday . The stock traded as high as $46.24 and last traded at $46.22. 154,140 shares were traded during mid-day trading, a decline of 82% from the average session volume of 842,741 shares. The stock had previously closed at $43.82.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AKRO. Morgan Stanley reissued an “overweight” rating on shares of Akero Therapeutics in a report on Sunday, March 2nd. HC Wainwright lifted their price objective on Akero Therapeutics from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Citigroup raised their price target on Akero Therapeutics from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. UBS Group raised their price target on shares of Akero Therapeutics from $42.00 to $109.00 and gave the company a “buy” rating in a report on Friday, January 31st. Finally, Bank of America raised shares of Akero Therapeutics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $63.00 in a report on Thursday, January 30th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Akero Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $76.29.

Akero Therapeutics Stock Up 5.0 %

The stock has a market cap of $3.66 billion, a P/E ratio of -12.24 and a beta of -0.19. 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 moving average price is $41.09 and its two-hundred day moving average price is $33.51.

Akero Therapeutics (NASDAQ:AKRO) last issued its quarterly earnings results on Friday, February 28th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.01). As a group, research analysts expect that Akero Therapeutics, Inc. will post -3.99 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Timothy Rolph sold 12,500 shares of Akero Therapeutics stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $44.53, for a total value of $556,625.00. Following the transaction, the insider now owns 170,237 shares of the company’s stock, valued at approximately $7,580,653.61. This trade represents a 6.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Patrick Lamy sold 1,000 shares of Akero Therapeutics stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $29.13, for a total value of $29,130.00. Following the transaction, the vice president now directly owns 34,258 shares in the company, valued at approximately $997,935.54. This trade represents a 2.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 218,574 shares of company stock worth $10,774,514. 7.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AKRO. Wellington Management Group LLP boosted its position in Akero Therapeutics by 54.4% in the 3rd quarter. Wellington Management Group LLP now owns 7,896,632 shares of the company’s stock valued at $226,554,000 after buying an additional 2,782,029 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Akero Therapeutics during the 3rd quarter worth approximately $37,392,000. RTW Investments LP grew its stake in shares of Akero Therapeutics by 15.9% in the fourth quarter. RTW Investments LP now owns 6,859,823 shares of the company’s stock valued at $190,840,000 after buying an additional 940,388 shares in the last quarter. Deep Track Capital LP increased its stake in shares of Akero Therapeutics by 116.0% during the 4th quarter. Deep Track Capital LP now owns 1,490,000 shares of the company’s stock worth $41,452,000 after purchasing an additional 800,216 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Akero Therapeutics during the fourth quarter worth about $18,059,000.

About Akero Therapeutics

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.