Victory Capital Management Inc. Increases Stock Position in Akero Therapeutics, Inc. (NASDAQ:AKRO)

Key Points

• Victory Capital Management Inc. significantly increased its stake in Akero Therapeutics, acquiring an additional 27,881 shares, leading to a total of 35,116 shares valued at $1,421,000.
• In its most recent quarterly earnings, Akero reported earnings per share of $0.90, surpassing analysts' expectations by $1.91.
• Several hedge funds, including RTW Investments and Price T Rowe Associates, have also made notable increases in their holdings of Akero, reflecting a growing institutional interest in the stock.

Victory Capital Management Inc. raised its holdings in Akero Therapeutics, Inc. (NASDAQ:AKRO - Free Report) by 385.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,116 shares of the company's stock after buying an additional 27,881 shares during the period. Victory Capital Management Inc.'s holdings in Akero Therapeutics were worth $1,421,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of AKRO. Teacher Retirement System of Texas increased its position in shares of Akero Therapeutics by 18.7% during the fourth quarter. Teacher Retirement System of Texas now owns 14,415 shares of the company's stock worth $401,000 after purchasing an additional 2,274 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Akero Therapeutics by 55.1% in the fourth quarter. American Century Companies Inc. now owns 112,442 shares of the company's stock valued at $3,128,000 after buying an additional 39,932 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of Akero Therapeutics during the fourth quarter worth about $303,000. KLP Kapitalforvaltning AS acquired a new position in Akero Therapeutics in the 4th quarter valued at about $306,000. Finally, Vanguard Group Inc. lifted its position in Akero Therapeutics by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 3,704,411 shares of the company's stock worth $103,057,000 after acquiring an additional 27,830 shares during the period.

Analysts Set New Price Targets

A number of equities analysts have commented on AKRO shares. Citigroup cut their price objective on shares of Akero Therapeutics from $80.00 to $78.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Bank of America raised their price objective on shares of Akero Therapeutics from $63.00 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $82.50.

Akero Therapeutics Trading Up 0.5%

AKRO stock traded up $0.23 during midday trading on Wednesday, hitting $47.72. The stock had a trading volume of 1,160,482 shares, compared to its average volume of 826,520. Akero Therapeutics, Inc. has a 12-month low of $21.34 and a 12-month high of $58.40. The firm has a market cap of $3.80 billion, a PE ratio of -24.47 and a beta of -0.15. The company's 50-day moving average price is $52.01 and its 200 day moving average price is $45.61. The company has a debt-to-equity ratio of 0.03, a current ratio of 16.80 and a quick ratio of 16.80.

Akero Therapeutics (NASDAQ:AKRO - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $0.90 EPS for the quarter, topping analysts' consensus estimates of ($1.01) by $1.91. On average, equities research analysts predict that Akero Therapeutics, Inc. will post -3.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Akero Therapeutics

In related news, CEO Andrew Cheng sold 30,000 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $51.16, for a total transaction of $1,534,800.00. Following the completion of the sale, the chief executive officer directly owned 520,757 shares of the company's stock, valued at approximately $26,641,928.12. This represents a 5.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Scott A. Gangloff sold 848 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $54.84, for a total value of $46,504.32. Following the completion of the sale, the chief technology officer owned 23,452 shares of the company's stock, valued at approximately $1,286,107.68. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 235,906 shares of company stock worth $11,862,790. Company 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.