Andrew Cheng, CEO of Akero Therapeutics (NASDAQ: AKRO), recently sold 91,634 shares of the company, making about $2.88 million. The shares were sold between $31.12 and $32.12 each on October 16-18. These transactions followed a trading plan Cheng set on May 25, 2023, and he also exercised options to buy the same number of shares at $21.10 each. After these sales, Cheng owns 605,417 shares directly.
Additionally, Akero is advancing its SYNCHRONY Outcomes trial, a Phase 3 study assessing efruxifermin (EFX) for MASH patients with compensated cirrhosis. The trial began dosing patients on September 9 and aims to enroll about 1,150 participants. It focuses on fibrosis improvement after 96 weeks without worsening MASH, with follow-up studies to look at mortality and liver complications.
Investors are looking forward to the release of Week 96 data from the Phase 2b SYMMETRY study, expected in early 2025. This data is important for understanding EFX’s long-term effects, and H.C. Wainwright maintains a Buy rating with a $50 price target for Akero.
InvestingPro Insights
A review of Akero Therapeutics’ financials shows a market cap of $2.17 billion and a one-year stock return of 150.84%. However, the company reported a significant loss of $234.18 million in operating income over the past year and is not expected to be profitable this year. On a positive note, Akero has more cash than debt, providing financial flexibility. For a deeper exploration of the company, check out the additional tips available on InvestingPro.
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