Eventide Asset Management LLC Acquires Shares of 200,534 Akero Therapeutics, Inc. $AKRO

Key Points

• Eventide Asset Management LLC has acquired a new stake in Akero Therapeutics, purchasing 200,534 shares valued at approximately $8.1 million, representing 0.25% ownership of the company.
• Several hedge funds have also shown increased interest in Akero, with notable investments including Principal Financial Group buying shares worth about $10.4 million.
• Wall Street analysts maintain a positive outlook on Akero Therapeutics, with an average price target of $81.14 and multiple firms issuing "buy" ratings.

Eventide Asset Management LLC purchased a new position in shares of Akero Therapeutics, Inc. (NASDAQ:AKRO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 200,534 shares of the company's stock, valued at approximately $8,119,000. Eventide Asset Management LLC owned approximately 0.25% of Akero Therapeutics at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in AKRO. EcoR1 Capital LLC bought a new position in shares of Akero Therapeutics in the 1st quarter valued at about $17,811,000. Allostery Investments LP acquired a new stake in Akero Therapeutics in the 1st quarter valued at about $729,000. Adage Capital Partners GP L.L.C. bought a new position in Akero Therapeutics during the first quarter worth about $7,894,000. ADAR1 Capital Management LLC increased its position in Akero Therapeutics by 88.2% during the first quarter. ADAR1 Capital Management LLC now owns 71,143 shares of the company's stock worth $2,880,000 after buying an additional 33,336 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its stake in Akero Therapeutics by 479.2% in the first quarter. Cubist Systematic Strategies LLC now owns 174,960 shares of the company's stock valued at $7,082,000 after buying an additional 144,752 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AKRO shares. TD Cowen initiated coverage on Akero Therapeutics in a research report on Monday, August 4th. They issued a "buy" rating and a $76.00 price objective for the company. Citigroup cut their price target on Akero Therapeutics from $80.00 to $78.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Cowen started coverage on shares of Akero Therapeutics in a research report on Monday, August 4th. They set a "buy" rating for the company. Wall Street Zen raised shares of Akero Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, HC Wainwright started coverage on shares of Akero Therapeutics in a research note on Thursday, September 4th. They set a "buy" rating and a $72.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Akero Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $81.14.

Akero Therapeutics Stock Performance

NASDAQ AKRO traded up $0.05 during trading on Tuesday, reaching $44.62. The company's stock had a trading volume of 622,567 shares, compared to its average volume of 1,371,657. The firm has a 50 day moving average price of $49.44 and a 200 day moving average price of $46.63. Akero Therapeutics, Inc. has a 12 month low of $21.34 and a 12 month high of $58.40. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of -22.31 and a beta of -0.24. The company has a current ratio of 12.66, a quick ratio of 12.66 and a debt-to-equity ratio of 0.02.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.86) earnings per share for the quarter, beating analysts' consensus estimates of ($0.97) by $0.11. During the same quarter last year, the company earned ($0.81) earnings per share. As a group, equities analysts anticipate that Akero Therapeutics, Inc. will post -3.99 EPS for the current fiscal year.

Insider Transactions at Akero Therapeutics

In other news, insider Timothy Rolph sold 12,500 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $51.09, for a total transaction of $638,625.00. Following the completion of the sale, the insider directly owned 167,124 shares in the company, valued at approximately $8,538,365.16. This represents a 6.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Jonathan Young sold 12,500 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $47.79, for a total value of $597,375.00. Following the completion of the transaction, the chief operating officer owned 197,484 shares in the company, valued at $9,437,760.36. The trade was a 5.95% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 148,192 shares of company stock worth $7,484,661. Corporate insiders own 7.07% of the company's stock.

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.