Jonathan Young, the Chief Operating Officer of Akero Therapeutics, Inc. (NASDAQ:AKRO), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Young sold 10,000 shares of Akero Therapeutics' common stock on December 2, 2024. The shares were sold at a weighted-average price of $32.131, resulting in a total transaction value of approximately $321,310. The transaction comes as the stock has shown strong momentum, with a 49% gain over the past six months. According to InvestingPro, analyst price targets range from $35 to $65, suggesting potential upside.
This transaction was conducted under a pre-established Rule 10b5-1 trading plan, which was adopted by Young on June 25, 2024. Following this sale, Young directly owns 206,286 shares of Akero Therapeutics. Additionally, he holds indirect ownership of shares through several irrevocable trusts set up for his children's benefit, with his spouse as the trustee. Young disclaims beneficial ownership of these securities. The company maintains a strong financial position with a current ratio of 17.25 and more cash than debt on its balance sheet. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 12 additional insights available to subscribers.
In other recent news, Akero Therapeutics announced significant clinical outcomes from its Phase 2b HARMONY study, evaluating the efficacy of efruxifermin (EFX) in treating metabolic dysfunction-associated steatohepatitis (MASH). The study revealed that after 96 weeks of EFX treatment, over 40% of participants exhibited regression of liver fibrosis. Furthermore, 30% of those treated with EFX achieved near-complete reversal of MASH-related disease. These findings have set the stage for the ongoing Phase 3 SYNCHRONY program, which aims to confirm EFX's favorable benefit-risk profile.
In addition, Akero has made notable progress with its Phase 3 trial for a treatment aimed at MASH patients with compensated cirrhosis, named SYNCHRONY Outcomes. The first patient has been dosed, marking a significant step for Akero as it now has all three Phase 3 trials of EFX underway. The trial's first cohort will assess fibrosis regression without worsening of MASH after a 96-week treatment period.
On the analyst front, Citi initiated coverage on Akero Therapeutics stock with a Buy rating, based on the potential of efruxifermin to be a leading therapy for MASH. Similarly, H.C. Wainwright maintained a Buy rating for the company, reflecting a positive outlook on Akero's therapeutic developments. These are recent developments that investors should keep an eye on.
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