Andrew Cheng, CEO of Akero Therapeutics (NASDAQ: AKRO), recently sold 91,634 shares of Akero stock for about $2.88 million on October 16-18, at prices between $31.118 and $32.12. These transactions were made under a pre-established trading plan from May 25, 2023. Cheng also exercised options to buy 91,634 shares at $21.1 each and now owns 605,417 shares.
In other news, Akero is advancing in its Phase 3 SYNCHRONY Outcomes trial for its treatment for MASH patients with compensated cirrhosis. The trial, which has begun dosing patients, aims to enroll about 1,150 patients to evaluate the treatment’s effectiveness over 96 weeks. After this, it will monitor longer-term health outcomes.
Investors are looking forward to data from the ongoing Phase 2b SYMMETRY study, expected in Q1 2025, which will offer insights into the treatment’s long-term effects. Analyst H.C. Wainwright maintains a Buy rating and a $50 price target for Akero.
InvestingPro Insights
Akero Therapeutics has a market cap of $2.17 billion and has delivered a 150.84% price return over the past year. However, it is currently unprofitable, with a negative operating income of -$234.18 million. On a positive note, the company has more cash than debt, ensuring financial flexibility as it develops its pipeline.
These insights give context to Cheng’s stock sales. Investors interested in further exploring Akero’s financial situation can find additional tips on InvestingPro.
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