Andrew Cheng, the President and CEO of Akero Therapeutics Inc . (NASDAQ:AKRO), recently executed significant stock transactions, according to a filing with the Securities and Exchange Commission. On December 2, Cheng sold 25,000 shares of the company's common stock at an average price of $32.09 per share, totaling approximately $802,250. The transaction comes as the stock shows strong momentum, delivering a 68.78% return over the past year. According to InvestingPro analysis, the company's current market capitalization stands at $2.17 billion, with the stock trading near its Fair Value.
These transactions were part of a pre-arranged trading plan under Rule 10b5-1, which Cheng adopted on May 25, 2023. The shares were sold at prices ranging from $31.59 to $32.54. Following this sale, Cheng retains direct ownership of 605,417 shares. The stock has demonstrated low correlation with market movements, maintaining a beta of -0.24.
Additionally, Cheng exercised stock options to acquire 25,000 shares at a price of $21.10 per share, contributing to a total transaction value of $527,500. These options were vested and immediately exercisable, as indicated in the filing. InvestingPro data shows the company maintains strong liquidity with a current ratio of 17.25, indicating robust financial health. Subscribers can access 10+ additional ProTips and comprehensive financial metrics for deeper analysis.
In other recent news, Akero Therapeutics has reported significant clinical outcomes from its Phase 2b HARMONY study, which evaluated the efficacy of efruxifermin (EFX) in treating metabolic dysfunction-associated steatohepatitis (MASH). The study showed that over 40% of participants exhibited regression of liver fibrosis after 96 weeks of EFX treatment. Also, 30% of those treated achieved near-complete reversal of MASH-related disease.
Furthermore, Akero has made notable progress with its Phase 3 SYNCHRONY Outcomes trial for a treatment aimed at MASH patients with compensated cirrhosis. The first patient has been dosed, marking a significant step as Akero now has all three Phase 3 trials of EFX underway.
Meanwhile, Citi has initiated coverage on Akero with a positive outlook, citing the potential of efruxifermin to be a leading therapy for MASH. The firm highlighted efruxifermin's potential to stand out in the treatment of cirrhotic MASH due to its anti-fibrotic benefits. On the other hand, H.C. Wainwright has maintained a Buy rating for Akero as the company progresses with its Phase 3 trial for MASH patients with compensated cirrhosis. These are recent developments in the company's pursuit of effective therapies in the MASH treatment landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.