Akero Therapeutics (NASDAQ:AKRO) Shares Gap Up - Here's What Happened

Key Points

• Akero Therapeutics' shares opened at $47.00 after closing at $42.18, signaling significant market interest with a trading volume of 763,648 shares.
• Bank of America raised its price target for Akero to $64.00 while eight analysts currently rate the stock as a Buy, with an average target price of $81.14.
• The company's recent quarterly earnings exceeded expectations, reporting an EPS of ($0.86), beating the consensus estimate by $0.11.

Shares of Akero Therapeutics, Inc. (NASDAQ:AKRO - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $42.18, but opened at $47.00. Akero Therapeutics shares last traded at $42.80, with a volume of 763,648 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AKRO. Bank of America lifted their target price on shares of Akero Therapeutics from $63.00 to $64.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Wall Street Zen lowered shares of Akero Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. Cowen assumed coverage on shares of Akero Therapeutics in a research report on Monday, August 4th. They issued a "buy" rating on the stock. TD Cowen began coverage on shares of Akero Therapeutics in a research report on Monday, August 4th. They issued a "buy" rating and a $76.00 price target on the stock. Finally, HC Wainwright began coverage on shares of Akero Therapeutics in a report on Thursday, September 4th. They set a "buy" rating and a $72.00 target price on the stock. Eight analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $81.14.

Akero Therapeutics Stock Up 5.5%

The company has a market cap of $3.56 billion, a PE ratio of -22.11 and a beta of -0.24. The company has a debt-to-equity ratio of 0.02, a quick ratio of 12.66 and a current ratio of 12.66. The stock's 50 day moving average price is $48.31 and its 200-day moving average price is $46.41.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last issued its quarterly earnings data on Friday, August 8th. The company reported ($0.86) EPS for the quarter, topping the consensus estimate of ($0.97) by $0.11. During the same quarter in the prior year, the business earned ($0.81) earnings per share. On average, analysts predict that Akero Therapeutics, Inc. will post -3.99 earnings per share for the current year.

Insider Buying and Selling at Akero Therapeutics

In other Akero Therapeutics news, CEO Andrew Cheng sold 1,796 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $43.02, for a total transaction of $77,263.92. Following the completion of the sale, the chief executive officer directly owned 473,902 shares in the company, valued at approximately $20,387,264.04. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Catriona Yale sold 659 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $43.02, for a total transaction of $28,350.18. Following the sale, the insider owned 90,829 shares of the company's stock, valued at approximately $3,907,463.58. This represents a 0.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,628 shares of company stock worth $8,136,365 in the last 90 days. Insiders own 7.07% of the company's stock.

Hedge Funds Weigh In On Akero Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in AKRO. FNY Investment Advisers LLC purchased a new position in shares of Akero Therapeutics in the second quarter worth approximately $28,000. Northwest & Ethical Investments L.P. purchased a new position in shares of Akero Therapeutics in the first quarter worth approximately $32,000. GF Fund Management CO. LTD. purchased a new position in shares of Akero Therapeutics in the fourth quarter worth approximately $41,000. PNC Financial Services Group Inc. boosted its holdings in shares of Akero Therapeutics by 30.8% in the first quarter. PNC Financial Services Group Inc. now owns 1,658 shares of the company's stock worth $67,000 after buying an additional 390 shares during the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Akero Therapeutics in the second quarter worth approximately $71,000.

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.

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