Akero Therapeutics (NASDAQ:AKRO) Releases Quarterly Earnings Results

Akero Therapeutics (NASDAQ:AKRO) released its earnings results on Friday. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.94) by ($0.05), FiscalAI reports.

Akero Therapeutics Price Performance

Shares of NASDAQ AKRO traded up $0.13 during midday trading on Friday, hitting $54.04. The company had a trading volume of 1,117,918 shares, compared to its average volume of 1,629,911. 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 $49.06 and a two-hundred day simple moving average of $48.90. Akero Therapeutics has a twelve month low of $21.34 and a twelve month high of $58.40. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of -27.02 and a beta of -0.35.

Insider Activity at Akero Therapeutics

In other news, insider Catriona Yale sold 659 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $43.02, for a total transaction of $28,350.18. Following the sale, the insider owned 90,829 shares of the company’s stock, valued at $3,907,463.58. The trade was a 0.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William Richard White sold 659 shares of Akero Therapeutics stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $43.02, for a total value of $28,350.18. Following the transaction, the chief financial officer directly owned 57,752 shares of the company’s stock, valued at approximately $2,484,491.04. This represents a 1.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 156,753 shares of company stock worth $7,456,064. 7.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Akero Therapeutics

Several hedge funds have recently added to or reduced their stakes in AKRO. CANADA LIFE ASSURANCE Co raised its position in Akero Therapeutics by 54.1% during the second quarter. CANADA LIFE ASSURANCE Co now owns 6,242 shares of the company’s stock worth $334,000 after acquiring an additional 2,192 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in Akero Therapeutics in the 2nd quarter valued at approximately $399,000. BNP Paribas Financial Markets grew its holdings in Akero Therapeutics by 47.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 7,475 shares of the company’s stock valued at $399,000 after buying an additional 2,389 shares during the last quarter. Headlands Technologies LLC grew its holdings in Akero Therapeutics by 6,783.5% during the 2nd quarter. Headlands Technologies LLC now owns 8,329 shares of the company’s stock valued at $444,000 after buying an additional 8,208 shares during the last quarter. Finally, E Fund Management Co. Ltd. raised its holdings in shares of Akero Therapeutics by 50.1% in the second quarter. E Fund Management Co. Ltd. now owns 10,395 shares of the company’s stock worth $555,000 after acquiring an additional 3,471 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AKRO shares. Cowen started coverage on shares of Akero Therapeutics in a research report on Monday, August 4th. They issued a “buy” rating on the stock. Canaccord Genuity Group cut shares of Akero Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $73.00 to $54.00 in a research note on Thursday, October 9th. Zacks Research downgraded shares of Akero Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Wolfe Research cut shares of Akero Therapeutics from an “outperform” rating to a “hold” rating in a report on Friday, October 10th. Finally, Jefferies Financial Group downgraded shares of Akero Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the company from $75.00 to $56.00 in a research report on Thursday, October 9th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $73.38.

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.