Canaccord Genuity Group Forecasts Strong Price Appreciation for Akero Therapeutics (NASDAQ:AKRO) Stock

Akero Therapeutics (NASDAQ:AKRO) had its price objective lifted by Canaccord Genuity Group from $56.00 to $73.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 42.11% from the stock’s previous close.

A number of other brokerages have also commented on AKRO. Citigroup upped their target price on Akero Therapeutics from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday. HC Wainwright lifted their target price on shares of Akero Therapeutics from $50.00 to $72.00 and gave the company a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $55.83.

Akero Therapeutics Stock Up 96.2 %

AKRO opened at $51.37 on Tuesday. The company has a market capitalization of $3.59 billion, a PE ratio of -13.70 and a beta of -0.19. The company has a debt-to-equity ratio of 0.05, a current ratio of 17.25 and a quick ratio of 17.25. Akero Therapeutics has a fifty-two week low of $15.32 and a fifty-two week high of $58.40. The business has a 50-day moving average of $28.47 and a 200-day moving average of $28.14.

Akero Therapeutics (NASDAQ:AKRO) last posted its earnings results on Friday, November 8th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.15). Equities research analysts forecast that Akero Therapeutics will post -3.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Catriona Yale sold 4,515 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $32.53, for a total transaction of $146,872.95. Following the completion of the transaction, the insider now directly owns 74,158 shares of the company’s stock, valued at $2,412,359.74. This trade represents a 5.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jonathan Young sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $28.03, for a total transaction of $280,300.00. Following the completion of the sale, the chief operating officer now directly owns 218,083 shares in the company, valued at approximately $6,112,866.49. This represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 262,135 shares of company stock worth $8,223,000. Company insiders own 7.94% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AKRO. abrdn plc raised its stake in shares of Akero Therapeutics by 118.7% during the 4th quarter. abrdn plc now owns 269,782 shares of the company’s stock worth $7,505,000 after purchasing an additional 146,424 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Akero Therapeutics by 10.8% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 14,800 shares of the company’s stock worth $412,000 after purchasing an additional 1,446 shares during the period. SG Americas Securities LLC increased its position in Akero Therapeutics by 4,022.1% during the fourth quarter. SG Americas Securities LLC now owns 597,993 shares of the company’s stock worth $16,636,000 after buying an additional 583,486 shares during the last quarter. Exome Asset Management LLC bought a new position in shares of Akero Therapeutics during the 3rd quarter worth approximately $2,212,000. Finally, Barclays PLC increased its holdings in shares of Akero Therapeutics by 127.9% during the 3rd quarter. Barclays PLC now owns 127,668 shares of the company’s stock worth $3,662,000 after acquiring an additional 71,652 shares during the last quarter.

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.