Akero Therapeutics (NASDAQ:AKRO) Lowered to Hold Rating by Wolfe Research

Key Points

• Wolfe Research reiterated a "peer perform" rating for Akero Therapeutics (NASDAQ: AKRO) stock, reflecting a cautious outlook amidst fluctuating target prices from other analysts.
• HC Wainwright set a new target price of $54.00, down from $72.00, while Jefferies downgraded its rating and target price from $75.00 to $56.00.
• Insider trading activity included COO Jonathan Young selling 12,500 shares for approximately $597,000, indicating a decrease in insider ownership.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) was downgraded by equities research analysts at Wolfe Research from an "outperform" rating to a "hold" rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports.

Several other analysts have also issued reports on the stock. Cowen started coverage on shares of Akero Therapeutics in a research report on Monday, August 4th. They issued a "buy" rating on the stock. Jefferies Financial Group lowered shares of Akero Therapeutics from a "buy" rating to a "hold" rating and dropped their target price for the company from $75.00 to $56.00 in a research report on Thursday. Canaccord Genuity Group lowered shares of Akero Therapeutics from a "buy" rating to a "hold" rating and dropped their target price for the company from $73.00 to $54.00 in a research report on Thursday. TD Cowen started coverage on shares of Akero Therapeutics in a research report on Monday, August 4th. They issued a "buy" rating and a $76.00 target price on the stock. Finally, HC Wainwright reiterated a "neutral" rating and issued a $54.00 target price (down previously from $72.00) on shares of Akero Therapeutics in a research report on Friday. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Akero Therapeutics presently has an average rating of "Hold" and a consensus target price of $73.38.

Akero Therapeutics Stock Performance

Shares of AKRO stock opened at $53.88 on Friday. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of -26.94 and a beta of -0.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 12.66 and a quick ratio of 12.66. The business has a fifty day moving average of $47.15 and a 200 day moving average of $46.78. Akero Therapeutics has a 1 year low of $21.34 and a 1 year high of $58.40.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.86) earnings per share for the quarter, topping analysts' consensus estimates of ($0.97) by $0.11. During the same quarter last year, the business posted ($0.81) earnings per share. As a group, research analysts expect that Akero Therapeutics will post -3.99 earnings per share for the current year.

Insider Activity

In other Akero Therapeutics news, insider Catriona Yale sold 10,000 shares of Akero Therapeutics stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $52.95, for a total transaction of $529,500.00. Following the transaction, the insider directly owned 91,488 shares of the company's stock, valued at $4,844,289.60. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Timothy Rolph sold 12,500 shares of Akero Therapeutics stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $44.17, for a total transaction of $552,125.00. Following the transaction, the insider directly owned 167,124 shares in the company, valued at $7,381,867.08. This trade represents a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 149,253 shares of company stock valued at $6,982,414 over the last three months. 7.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Akero Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in AKRO. Holocene Advisors LP purchased a new stake in shares of Akero Therapeutics in the 2nd quarter valued at approximately $57,396,000. Bank of America Corp DE raised its stake in shares of Akero Therapeutics by 406.7% in the 2nd quarter. Bank of America Corp DE now owns 1,320,461 shares of the company's stock valued at $70,460,000 after acquiring an additional 1,059,860 shares during the period. Bellevue Group AG raised its stake in shares of Akero Therapeutics by 58.7% in the 2nd quarter. Bellevue Group AG now owns 1,985,272 shares of the company's stock valued at $105,934,000 after acquiring an additional 734,606 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Akero Therapeutics in the 1st quarter valued at approximately $21,333,000. Finally, Vanguard Group Inc. raised its stake in shares of Akero Therapeutics by 14.2% in the 1st quarter. Vanguard Group Inc. now owns 4,230,644 shares of the company's stock valued at $171,256,000 after acquiring an additional 526,233 shares during the period.

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.