Akero Therapeutics (NASDAQ:AKRO) Downgraded by Canaccord Genuity Group to Hold

Key Points

• Canaccord Genuity Group has reiterated a "hold" rating for Akero Therapeutics and reduced its price objective from $73.00 to $54.00, indicating a potential downside of 0.43% from the stock's previous close.
• Recent analyst ratings for Akero Therapeutics show a mix of sentiments, with seven analysts rating it as a buy, one as a hold, and one as a sell, contributing to an average target price of $78.43.
• Insider trading activity includes substantial sales, with CEO Andrew Cheng selling 30,000 shares at an average price of $43.25, which has resulted in a slight decrease in his ownership stake.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) was downgraded by equities research analysts at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a $54.00 price objective on the stock, down from their prior price objective of $73.00. Canaccord Genuity Group's price objective indicates a potential downside of 0.15% from the stock's current price.

AKRO has been the topic of a number of other reports. 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 price target on the stock. Cowen started coverage on Akero Therapeutics in a report on Monday, August 4th. They issued a "buy" rating on the stock. Wall Street Zen raised Akero Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, October 3rd. HC Wainwright started coverage on Akero Therapeutics in a research note on Thursday, September 4th. They issued a "buy" rating and a $72.00 price objective on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Akero Therapeutics in a research note on Wednesday. Seven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $75.63.

Akero Therapeutics Stock Up 16.3%

NASDAQ AKRO opened at $54.08 on Thursday. The company has a current ratio of 12.66, a quick ratio of 12.66 and a debt-to-equity ratio of 0.02. The stock's 50 day moving average is $47.04 and its two-hundred day moving average is $46.72. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of -27.04 and a beta of -0.29. 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 announced its quarterly earnings results on Friday, August 8th. The company reported ($0.86) EPS for the quarter, beating the consensus estimate of ($0.97) by $0.11. During the same period last year, the business posted ($0.81) earnings per share. Equities analysts forecast that Akero Therapeutics will post -3.99 earnings per share for the current fiscal year.

Insider Transactions at Akero Therapeutics

In other Akero Therapeutics news, CEO Andrew Cheng sold 30,000 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $43.25, for a total transaction of $1,297,500.00. Following the transaction, the chief executive officer directly owned 475,698 shares in the company, valued at approximately $20,573,938.50. This represents a 5.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Timothy Rolph sold 12,500 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $44.17, for a total transaction of $552,125.00. Following the transaction, the insider owned 167,124 shares in the company, valued at approximately $7,381,867.08. The trade was a 6.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 149,253 shares of company stock worth $6,982,414. 7.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Akero Therapeutics

Several large investors have recently bought and sold shares of AKRO. FNY Investment Advisers LLC acquired a new position in shares of Akero Therapeutics in the 2nd quarter valued at $28,000. Northwest & Ethical Investments L.P. acquired a new position in Akero Therapeutics in the first quarter valued at about $32,000. PNC Financial Services Group Inc. lifted its stake in Akero Therapeutics by 30.8% in the first quarter. PNC Financial Services Group Inc. now owns 1,658 shares of the company's stock valued at $67,000 after buying an additional 390 shares during the period. TD Waterhouse Canada Inc. acquired a new position in Akero Therapeutics in the second quarter valued at about $71,000. Finally, GF Fund Management CO. LTD. raised its position in shares of Akero Therapeutics by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,787 shares of the company's stock valued at $72,000 after acquiring an additional 321 shares during the period.

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.