Andrew Cheng, CEO of Akero Therapeutics (NASDAQ: AKRO), recently made stock transactions disclosed in an SEC filing. On October 16, 17, and 18, he sold 91,634 shares for about $2.88 million, with prices between $31.12 and $32.12 per share.
These sales were part of a trading plan established on May 25, 2023. Cheng also exercised options to buy 91,634 shares at $21.10 each. After these transactions, he still owns 605,417 shares, providing insight into executive activities at Akero, which is important for investors.
In other news, Akero is advancing its Phase 3 SYNCHRONY Outcomes trial for a treatment targeting MASH patients with compensated cirrhosis. They successfully dosed the first patient on September 9. This trial aims to enroll around 1,150 F4 MASH patients to assess the effectiveness of efruxifermin (EFX) over 96 weeks.
Investors are waiting for Week 96 data from the ongoing Phase 2b SYMMETRY study, expected in Q1 2025, which will shed light on EFX’s long-term effects. H.C. Wainwright maintains a Buy rating and a $50 price target for Akero Therapeutics.
InvestingPro Insights
Reviewing Andrew Cheng’s stock transactions in light of Akero Therapeutics’ financial health reveals the following metrics:
Akero currently has a market cap of $2.17 billion and a strong one-year stock return of 150.84%. However, the company is not profitable, with analysts predicting losses for this year, reporting a negative operating income of -$234.18 million as of Q2 2024.
Despite this, Akero holds more cash than debt, indicating financial flexibility and a solid short-term position, as liquid assets exceed short-term obligations. These insights can help investors understand the company’s potential and Cheng’s stock activities better. More details can be found in the additional tips on InvestingPro.
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