The Manufacturers Life Insurance Company has increased its stake in Akero Therapeutics, Inc. (NASDAQ:AKRO) by 29.0% during the fourth quarter, as per its recent SEC filing. The insurance company now owns 124,592 shares of Akero Therapeutics, valued at approximately $3,466,000, representing about 0.18% of the company’s stock.
Several other hedge funds have also adjusted their positions in Akero Therapeutics. Price T Rowe Associates Inc. MD increased its holdings by 13.5% in the fourth quarter, now owning 4,321,972 shares worth $120,238,000. Vanguard Group Inc. lifted its position by 0.8%, holding 3,704,411 shares valued at $103,057,000. Rock Springs Capital Management LP boosted its stake by 1.4%, owning 946,499 shares worth $26,332,000. SG Americas Securities LLC significantly increased its holdings by 4,022.1%, now holding 597,993 shares valued at $16,636,000. Charles Schwab Investment Management Inc. raised its stake by 1.5%, owning 540,692 shares worth $15,042,000.
Akero Therapeutics’ stock opened at $39.85 on Friday. The company has a market capitalization of $3.18 billion and a price-to-earnings ratio of -10.63. The stock has a 12-month low of $17.86 and a 12-month high of $58.40. The company’s 50-day simple moving average is $41.21, and its 200-day simple moving average is $37.43.
The company recently reported an EPS of ($0.99) for the quarter, missing the consensus estimate of ($0.98) by ($0.01). Research analysts expect Akero Therapeutics to post -3.99 earnings per share for the current fiscal year.
Insider activity has been notable, with CEO Andrew Cheng selling 30,000 shares on February 10th at an average price of $52.73, and VP Patrick Lamy selling 8,000 shares on May 7th at $42.49. In the last 90 days, insiders have sold 219,208 shares valued at $9,556,494. Company insiders own 7.94% of the company’s stock.
Analysts have been adjusting their ratings on Akero Therapeutics. HC Wainwright increased its target price from $72.00 to $75.00, maintaining a ‘buy’ rating. Citigroup raised its target price from $65.00 to $80.00 with a ‘buy’ rating. Canaccord Genuity Group boosted its price target from $56.00 to $73.00, also with a ‘buy’ rating. Morgan Stanley reiterated an ‘overweight’ rating, while Bank of America upgraded from ‘neutral’ to ‘buy’, raising its target price from $35.00 to $63.00. The stock currently has an average rating of ‘Buy’ with a consensus target price of $76.29.
Akero Therapeutics is involved in developing treatments for serious metabolic diseases, with its lead product candidate, efruxifermin (EFX), in Phase 3 clinical trials for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).
