Akero Therapeutics (NASDAQ:AKRO) Shares Gap Up Following Insider Buying Activity

Akero Therapeutics, Inc. (NASDAQ:AKRO)’s stock price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $43.58, but opened at $45.38. Akero Therapeutics shares last traded at $43.15, with a volume of 76,195 shares changing hands.

Specifically, Director G. Walmsley Graham purchased 50,000 shares of Akero Therapeutics stock in a transaction that occurred on Thursday, March 27th. The shares were bought at an average price of $43.55 per share, with a total value of $2,177,500.00. Following the purchase, the director now directly owns 1,200,000 shares of the company’s stock, valued at approximately $52,260,000. This represents a 4.35 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director G. Walmsley Graham acquired 91,309 shares of the stock in a transaction on Tuesday, March 25th. The stock was bought at an average cost of $44.75 per share, with a total value of $4,086,077.75. Following the completion of the transaction, the director now owns 1,091,309 shares in the company, valued at $48,836,077.75. This trade represents a 9.13 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

AKRO has been the subject of several research analyst reports. Canaccord Genuity Group lifted their price target on shares of Akero Therapeutics from $56.00 to $73.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Morgan Stanley reaffirmed an “overweight” rating on shares of Akero Therapeutics in a research report on Sunday, March 2nd. HC Wainwright upped their target price 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 company a “buy” rating in a research note on Tuesday, January 28th. Finally, UBS Group lifted their price objective on Akero Therapeutics from $42.00 to $109.00 and gave the company a “buy” rating in a report on Friday, January 31st. Nine analysts have rated the stock with a buy rating, According to MarketBeat, Akero Therapeutics has an average rating of “Buy” and a consensus price target of $76.29.

Akero Therapeutics Trading Down 2.0 %

The company has a 50-day moving average price of $46.01 and a 200 day moving average price of $35.02. The stock has a market capitalization of $3.40 billion, a P/E ratio of -11.39 and a beta of -0.19. The company has a current ratio of 17.25, a quick ratio of 17.25 and a debt-to-equity ratio of 0.05.

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

Institutional Investors Weigh In On Akero Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its position in shares of Akero Therapeutics by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,092 shares of the company’s stock worth $197,000 after purchasing an additional 450 shares in the last quarter. Hsbc Holdings PLC grew its stake in Akero Therapeutics by 8.5% during the 4th quarter. Hsbc Holdings PLC now owns 7,886 shares of the company’s stock worth $220,000 after buying an additional 621 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Akero Therapeutics by 1.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 41,442 shares of the company’s stock valued at $1,153,000 after buying an additional 637 shares in the last quarter. Handelsbanken Fonder AB raised its stake in Akero Therapeutics by 5.0% in the fourth quarter. Handelsbanken Fonder AB now owns 21,000 shares of the company’s stock valued at $584,000 after buying an additional 1,000 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in Akero Therapeutics by 1.2% in the fourth quarter. Swiss National Bank now owns 95,600 shares of the company’s stock worth $2,660,000 after acquiring an additional 1,100 shares in the last quarter.

Akero Therapeutics Company Profile

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.