195,000 Shares in Akero Therapeutics, Inc. $AKRO Purchased by Adage Capital Partners GP L.L.C.

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. bought a new position in shares of Akero Therapeutics, Inc. (NASDAQ:AKRO - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwest & Ethical Investments L.P. acquired a new stake in shares of Akero Therapeutics in the 1st quarter valued at about $32,000. GF Fund Management CO. LTD. acquired a new stake in shares of Akero Therapeutics in the 4th quarter valued at about $41,000. PNC Financial Services Group Inc. raised its stake in shares of Akero Therapeutics by 30.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,658 shares of the company's stock valued at $67,000 after purchasing an additional 390 shares during the period. Amalgamated Bank raised its stake in shares of Akero Therapeutics by 19.0% in the 1st quarter. Amalgamated Bank now owns 2,570 shares of the company's stock valued at $104,000 after purchasing an additional 410 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Akero Therapeutics by 14.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,664 shares of the company's stock valued at $114,000 after purchasing an additional 338 shares during the period.

Insiders Place Their Bets

In related news, CEO Andrew Cheng sold 30,000 shares of Akero Therapeutics stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $51.16, for a total transaction of $1,534,800.00. Following the completion of the transaction, the chief executive officer owned 520,757 shares in the company, valued at approximately $26,641,928.12. This trade represents a 5.45% decrease in their ownership of the stock. 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 Akero Therapeutics stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $51.09, for a total value of $638,625.00. Following the transaction, the insider owned 167,124 shares of the company's stock, valued at $8,538,365.16. The trade was a 6.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 194,945 shares of company stock worth $9,517,250. Company insiders own 7.07% of the company's stock.

Akero Therapeutics Stock Down 3.3%

Shares of NASDAQ:AKRO traded down $1.47 during midday trading on Friday, reaching $43.46. The company had a trading volume of 1,309,138 shares, compared to its average volume of 886,647. The company has a quick ratio of 12.66, a current ratio of 12.66 and a debt-to-equity ratio of 0.02. The business's 50 day moving average price is $48.82 and its 200 day moving average price is $46.53. The stock has a market cap of $3.48 billion, a PE ratio of -21.73 and a beta of -0.24. Akero Therapeutics, Inc. 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 earnings results on Friday, August 8th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.97) by $0.11. During the same period last year, the company posted ($0.81) earnings per share. Research analysts forecast that Akero Therapeutics, Inc. will post -3.99 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. TD Cowen assumed coverage on Akero Therapeutics in a research note on Monday, August 4th. They issued a "buy" rating and a $76.00 price target on the stock. Bank of America lifted their price target on Akero Therapeutics from $63.00 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Wall Street Zen raised Akero Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. HC Wainwright began coverage on Akero Therapeutics in a research note on Thursday, September 4th. They issued a "buy" rating and a $72.00 price target on the stock. Finally, Cowen began coverage on Akero Therapeutics in a research report on Monday, August 4th. They issued a "buy" rating on the stock. Eight research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $81.14.

Akero Therapeutics 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.