Andrew Cheng, CEO of Akero Therapeutics (NASDAQ: AKRO), recently sold 91,634 shares of the company’s stock for about $2.88 million over three days (October 16-18). The share prices ranged from $31.12 to $32.12 each. These sales were made under a pre-planned trading strategy he set up on May 25, 2023. After these transactions, Cheng still owns 605,417 shares of Akero.
In other news, Akero is advancing its Phase 3 SYNCHRONY Outcomes trial, testing the drug efruxifermin (EFX) on patients with fibrosis stage 4. The trial, which started dosing patients on September 9, aims to enroll about 1,150 patients and assess the drug’s effectiveness over 96 weeks.
Investors are looking forward to data from the Phase 2b SYMMETRY study, expected in early 2025, which will highlight EFX’s long-term impacts. H.C. Wainwright has a Buy rating with a $50 price target for Akero.
InvestingPro Insights
Akero Therapeutics has a market cap of $2.17 billion and a one-year stock return of 150.84%. However, the company is currently not profitable, with a negative operating income of -$234.18 million reported in Q2 2024. On the upside, Akero has more cash than debt, suggesting financial stability as it develops its pipeline.
For more detailed insights, investors can explore additional financial tips on InvestingPro.
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