Redmile Group LLC Has $38.02 Million Stock Position in Akero Therapeutics, Inc. $AKRO

Key Points

• Redmile Group LLC reduced its stake in Akero Therapeutics by 24%, selling 295,932 shares, leaving it with a total of 939,277 shares, which constitutes approximately 3.6% of its investment portfolio.
• Several institutional investors increased or initiated stakes in Akero Therapeutics, notably PNC Financial Services Group, which raised its stake by 30.8%, now holding shares worth $67,000.
• Akero Therapeutics recently reported an earnings per share (EPS) of ($0.86), outperforming analysts' expectations of ($0.97), while projecting a -3.99 EPS for the current year.

Redmile Group LLC cut its position in shares of Akero Therapeutics, Inc. (NASDAQ:AKRO - Free Report) by 24.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 939,277 shares of the company's stock after selling 295,932 shares during the quarter. Akero Therapeutics accounts for 3.6% of Redmile Group LLC's portfolio, making the stock its 8th largest position. Redmile Group LLC owned about 1.18% of Akero Therapeutics worth $38,022,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Northwest & Ethical Investments L.P. acquired a new position in shares of Akero Therapeutics in the 1st quarter valued at about $32,000. GF Fund Management CO. LTD. acquired a new position in shares of Akero Therapeutics in the 4th quarter valued at about $41,000. PNC Financial Services Group Inc. increased its holdings 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 increased its holdings 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. increased its holdings 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.

Insider Buying and Selling

In other news, VP Patrick Lamy sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $52.88, for a total value of $105,760.00. Following the completion of the sale, the vice president directly owned 29,891 shares of the company's stock, valued at approximately $1,580,636.08. This represents a 6.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Catriona Yale sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $52.95, for a total value of $529,500.00. Following the completion of the sale, the insider directly 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. Insiders sold 197,406 shares of company stock valued at $10,144,055 in the last ninety days. Company insiders own 7.07% of the company's stock.

Akero Therapeutics Stock Performance

AKRO stock traded up $0.69 during midday trading on Friday, hitting $44.72. 2,341,203 shares of the company traded hands, compared to its average volume of 819,256. Akero Therapeutics, Inc. has a twelve month low of $21.34 and a twelve month high of $58.40. 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 has a 50 day simple moving average of $49.62 and a 200-day simple moving average of $46.70. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -22.36 and a beta of -0.24.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last posted its quarterly earnings data 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 period in the prior year, the firm earned ($0.81) earnings per share. As a group, equities research analysts predict that Akero Therapeutics, Inc. will post -3.99 earnings per share for the current year.

Analysts Set New Price Targets

AKRO has been the topic of a number of research reports. Cowen started coverage on Akero Therapeutics in a report on Monday, August 4th. They issued a "buy" rating on the stock. HC Wainwright started coverage on Akero Therapeutics in a report on Thursday. They issued a "buy" rating and a $72.00 price objective on the stock. Bank of America increased their price objective on Akero Therapeutics from $63.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, May 27th. Wall Street Zen upgraded Akero Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Finally, TD Cowen started coverage on Akero Therapeutics in a report on Monday, August 4th. They issued a "buy" rating and a $76.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $81.14.

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.