Andrew Cheng, CEO of Akero Therapeutics (NASDAQ: AKRO), recently sold 91,634 shares worth about $2.88 million on October 16-18, at prices between $31.118 and $32.12. This was done under a trading plan he set up on May 25, 2023, and he also exercised options for an equal number of shares at $21.10 each.
After these transactions, Cheng still owns 605,417 shares, giving insight into insider trading for investors.
In recent updates, Akero is progressing in its Phase 3 SYNCHRONY Outcomes trial for treating MASH patients with compensated cirrhosis. The trial is testing efruxifermin (EFX) on roughly 1,150 patients and aims to assess fibrosis regression over 96 weeks. The first patient was dosed on September 9, and follow-up will focus on mortality and liver-related events.
Investors are looking forward to the Week 96 data from the ongoing Phase 2b SYMMETRY study, set to be released in early 2025, which will shed light on the long-term impact of EFX. H.C. Wainwright has set a Buy rating with a $50 price target for Akero.
InvestingPro Insights
Examining Akero Therapeutics through InvestingPro, the company has a market cap of $2.17 billion and a 150.84% return over the past year. However, it is currently unprofitable, with a net operating loss of -$234.18 million. Despite this, it has more cash than debt, providing some financial flexibility, and liquid assets exceed short-term obligations. These insights help contextualize Cheng’s recent stock activities.
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