Adage Capital Partners GP L.L.C. Invests $7.89 Million in Akero Therapeutics, Inc. $AKRO

Key Points

• Adage Capital Partners GP L.L.C. has invested approximately $7.89 million in Akero Therapeutics, Inc., acquiring 195,000 shares during the first quarter.
• Multiple analysts have shown optimism for Akero, with eight analysts rating the stock as "Buy" and a consensus target price of $81.14.
• Despite the positive outlook, insiders have sold a significant amount of stock recently, with vice president Patrick Lamy and insider Timothy Rolph selling shares totaling over $720,000 combined.

Adage Capital Partners GP L.L.C. purchased a new position in shares of Akero Therapeutics, Inc. (NASDAQ:AKRO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 195,000 shares of the company's stock, valued at approximately $7,894,000. Adage Capital Partners GP L.L.C. owned approximately 0.24% of Akero Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Tema Etfs LLC acquired a new stake in shares of Akero Therapeutics during the fourth quarter worth about $894,000. Principal Financial Group Inc. acquired a new stake in shares of Akero Therapeutics during the first quarter worth about $10,404,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Akero Therapeutics during the fourth quarter worth about $840,000. RTW Investments LP raised its holdings in 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 acquiring an additional 940,388 shares in the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in Akero Therapeutics in the fourth quarter valued at approximately $422,000.

Akero Therapeutics Stock Down 2.3%

AKRO stock traded down $1.04 during midday trading on Friday, reaching $43.90. 247,302 shares of the company were exchanged, compared to its average volume of 1,362,607. The company has a debt-to-equity ratio of 0.02, a quick ratio of 12.66 and a current ratio of 12.66. Akero Therapeutics, Inc. has a 1-year low of $21.34 and a 1-year high of $58.40. The stock's 50-day simple moving average is $48.99 and its 200 day simple moving average is $46.56. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -21.93 and a beta of -0.24.

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 firm posted ($0.81) EPS. On average, equities analysts forecast that Akero Therapeutics, Inc. will post -3.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

AKRO has been the topic of several analyst reports. Wall Street Zen raised shares of Akero Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Bank of America raised their target price on shares of Akero Therapeutics from $63.00 to $64.00 and gave the company a "buy" rating in a report on Tuesday, May 27th. TD Cowen initiated coverage on shares of Akero Therapeutics in a report on Monday, August 4th. They issued a "buy" rating and a $76.00 target price on the stock. Cowen initiated coverage on shares of Akero Therapeutics in a report on Monday, August 4th. They issued a "buy" rating on the stock. Finally, HC Wainwright initiated coverage on shares of Akero Therapeutics in a report on Thursday, September 4th. They issued a "buy" rating and a $72.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Akero Therapeutics presently has an average rating of "Buy" and a consensus price target of $81.14.

Insider Activity at Akero Therapeutics

In other news, COO Jonathan Young sold 12,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $46.08, for a total transaction of $576,000.00. Following the transaction, the chief operating officer directly owned 197,484 shares in the company, valued at approximately $9,100,062.72. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Timothy Rolph sold 12,500 shares of the firm's stock in a transaction that occurred on 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 owned 167,124 shares in the company, valued at approximately $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 have sold 160,692 shares of company stock valued at $8,036,786 in the last quarter. Company insiders own 7.07% of the company's stock.

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.