Cinctive Capital Management LP Takes $1.87 Million Position in Akero Therapeutics, Inc. (NASDAQ:AKRO)

Cinctive Capital Management LP purchased a new position in shares of Akero Therapeutics, Inc. (NASDAQ:AKRO) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 65,307 shares of the company’s stock, valued at approximately $1,874,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its position in Akero Therapeutics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,511 shares of the company’s stock worth $71,000 after acquiring an additional 446 shares in the last quarter. Eastern Bank acquired a new stake in Akero Therapeutics in the 3rd quarter worth about $100,000. Summit Financial Wealth Advisors LLC purchased a new stake in shares of Akero Therapeutics during the 3rd quarter valued at $205,000. Victory Capital Management Inc. purchased a new position in Akero Therapeutics in the third quarter valued at approximately $211,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Akero Therapeutics during the third quarter worth about $265,000.

Akero Therapeutics Price Performance

NASDAQ AKRO opened at $30.75 on Wednesday. The company has a market cap of $2.15 billion, a P/E ratio of -8.20 and a beta of -0.23. The company has a fifty day simple moving average of $30.54 and a 200 day simple moving average of $26.58. Akero Therapeutics, Inc. has a 1 year low of $15.32 and a 1 year high of $37.00. The company has a current ratio of 17.25, a quick ratio of 17.25 and a debt-to-equity ratio of 0.05.

Akero Therapeutics (NASDAQ:AKRO) last announced its earnings results on Friday, November 8th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.15). On average, sell-side analysts predict that Akero Therapeutics, Inc. will post -3.96 EPS for the current year.

Insider Activity

In other Akero Therapeutics news, COO Jonathan Young sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $28.18, for a total value of $281,800.00. Following the transaction, the chief operating officer now directly owns 226,286 shares in the company, valued at $6,376,739.48. The trade was a 4.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Cheng sold 108,366 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $31.73, for a total value of $3,438,453.18. Following the sale, the chief executive officer now owns 605,417 shares in the company, valued at approximately $19,209,881.41. This trade represents a 15.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 348,248 shares of company stock worth $10,817,436. Company insiders own 7.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AKRO. HC Wainwright reissued a “buy” rating and issued a $50.00 price target on shares of Akero Therapeutics in a report on Monday, November 18th. Citigroup initiated coverage on shares of Akero Therapeutics in a report on Monday, November 18th. They issued a “buy” rating and a $65.00 target price for the company. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $46.83.

Akero Therapeutics Company Profile

Akero Therapeutics, Inc, together with its subsidiary, engages in the development of treatments for patients with serious metabolic diseases in the United States. The company's lead product candidate is efruxifermin (EFX), which is in Phase 3 clinical trials that protects against cellular stress and regulates the metabolism of lipids, carbohydrates, and proteins throughout the body for the treatment of biopsy-confirmed metabolic dysfunction-associated steatohepatitis (MASH) patients.