Fred Alger Management LLC Has $20.86 Million Position in Akero Therapeutics, Inc. $AKRO

Key Points

• Fred Alger Management LLC increased its holdings in Akero Therapeutics by 95.7%, now owning approximately 0.65% of the company, worth $20.86 million.
• Akero Therapeutics has received multiple buy ratings from analysts, with a consensus price target of $81.14.
• Insider trading activity included COO Jonathan Young selling 12,500 shares at an average price of $46.08, indicating a 5.95% decrease in his ownership.

Fred Alger Management LLC lifted its holdings in shares of Akero Therapeutics, Inc. (NASDAQ:AKRO - Free Report) by 95.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 515,324 shares of the company's stock after purchasing an additional 251,971 shares during the quarter. Fred Alger Management LLC owned 0.65% of Akero Therapeutics worth $20,860,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in Akero Therapeutics by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 488,392 shares of the company's stock worth $19,770,000 after buying an additional 30,868 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Akero Therapeutics by 15.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,818 shares of the company's stock worth $1,943,000 after acquiring an additional 6,376 shares in the last quarter. Eventide Asset Management LLC acquired a new stake in shares of Akero Therapeutics during the first quarter worth $8,119,000. EcoR1 Capital LLC acquired a new stake in shares of Akero Therapeutics during the first quarter worth $17,811,000. Finally, Allostery Investments LP bought a new stake in Akero Therapeutics in the 1st quarter valued at $729,000.

Insider Activity

In other Akero Therapeutics news, COO Jonathan Young sold 12,500 shares of the company's stock in a transaction 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 sale, the chief operating officer directly owned 197,484 shares of the company's stock, valued at approximately $9,100,062.72. This represents a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Catriona Yale sold 10,000 shares of Akero Therapeutics stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $52.95, for a total value of $529,500.00. Following the transaction, the insider owned 91,488 shares of the company's stock, valued at $4,844,289.60. This represents a 9.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 160,692 shares of company stock valued at $8,036,786. 7.07% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AKRO shares. 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 target on the stock. Bank of America boosted their target price on Akero Therapeutics from $63.00 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. TD Cowen initiated coverage on Akero Therapeutics in a research note on Monday, August 4th. They issued a "buy" rating and a $76.00 target price on the stock. Wall Street Zen upgraded Akero Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, Cowen started coverage on shares of Akero Therapeutics in a report on Monday, August 4th. They set a "buy" rating for the company. Eight research analysts have rated the stock with a Buy rating, According to MarketBeat, Akero Therapeutics presently has a consensus rating of "Buy" and a consensus target price of $81.14.

Akero Therapeutics Stock Up 3.9%

Shares of Akero Therapeutics stock traded up $1.68 on Thursday, reaching $44.93. 1,072,618 shares of the company were exchanged, compared to its average volume of 1,369,223. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -22.47 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, Inc. has a one year low of $21.34 and a one year high of $58.40. The company has a 50-day moving average of $49.13 and a 200 day moving average of $46.59.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.86) earnings per share for the quarter, beating the consensus estimate of ($0.97) by $0.11. During the same quarter in the prior year, the firm earned ($0.81) earnings per share. On average, equities research analysts forecast that Akero Therapeutics, Inc. will post -3.99 earnings per share for the current year.

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.