Lamy Patrick, Senior VP of Commercial Strategy at Akero Therapeutics, Inc. (NASDAQ:AKRO), recently sold 925 shares of the company's common stock. The sale, executed on December 10, 2024, was part of a routine transaction to cover tax withholding obligations related to the vesting of restricted stock units. The shares were sold at a weighted average price of $30.79, resulting in a total transaction value of approximately $28,480. The transaction occurred as AKRO trades near $29, with analysts maintaining a strong buy consensus and a high price target of $65. According to InvestingPro analysis, the stock appears slightly undervalued based on its Fair Value metrics.
Following this sale, Patrick retains ownership of 17,858 shares in the company. The sale was conducted automatically under Akero's "sell-to-cover" policy, meaning it was not at Patrick's discretion. The $2 billion market cap company maintains strong financial health, with InvestingPro data showing an impressive current ratio of 17.25 and minimal debt-to-equity of 0.05. Get exclusive access to dozens more financial metrics and ProTips with an InvestingPro subscription.
In other recent news, Keros Therapeutics has voluntarily paused dosing in certain arms of its Phase 2 TROPOS Trial due to unexpected cases of pericardial effusion among participants. Despite this, dosing at the 1.5 mg/kg level continues. The company is working with the FDA and other regulatory authorities to resolve the issue and expects to present topline data from all treatment arms of the TROPOS trial in the second quarter of 2025.
Meanwhile, Akero Therapeutics has been making strides in the development of efruxifermin for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). Citi initiated coverage on Akero Therapeutics with a positive outlook, emphasizing the potential of efruxifermin to lead in the MASH treatment market. The firm also noted the drug's potential in treating cirrhotic MASH due to its anti-fibrotic benefits.
Akero Therapeutics also announced significant clinical outcomes from its Phase 2b HARMONY study, which revealed that after 96 weeks of efruxifermin treatment, over 40% of participants exhibited regression of liver fibrosis. Additionally, 30% of those treated achieved near-complete reversal of MASH-related disease. The company is now progressing with its Phase 3 SYNCHRONY program, which aims to confirm efruxifermin's favorable benefit-risk profile.
H.C. Wainwright maintained a Buy rating for Akero Therapeutics as the company progresses 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, and investors are eagerly awaiting the Week 96 data release from the ongoing Phase 2b SYMMETRY study, expected in the first quarter of 2025.
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