Akero Therapeutics COO Jonathan Young sells $321,310 worth of stock By Investing.com
Jonathan Young, Chief Operating Officer of Akero Therapeutics, Inc. (NASDAQ:), recently sold a significant portion of his holdings in the company. According to the latest SEC filing, Young sold 10,000 shares of Akero Therapeutics common stock on December 2, 2024. The shares were sold at an 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 ranges range from $35 to $65, suggesting a potential upside.
This transaction was made under the previously established trading system of Rule 10b5-1, which was adopted by Young on June 25, 2024. After this sale, Young directly owns 206,286 shares of Akero Therapeutics. Additionally, he has indirect ownership of shares through several irrevocable trusts set up for the benefit of his children, with his wife as trustee. Young people give up 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’s analysis suggests that the stock is currently trading below Fair Value, with 12 additional insights available to subscribers.
In other recent news, Akero Therapeutics announced significant clinical results from its Phase 2b HARMONY study, evaluating the efficacy of efruxifermin (EFX) in the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The study revealed that after 96 weeks of EFX treatment, more than 40% of participants showed regression of liver fibrosis. In addition, 30% of those treated with EFX achieved almost complete reversal of MASH-related disease. These findings set the stage for the ongoing Phase 3 SYNCHRONY program, which aims to ensure EFX’s favorable risk-profit profile.
In addition, Akero has made significant progress with its Phase 3 trial of targeted therapy in MASH patients with compensated cirrhosis, called SYNCHRONY Outcomes. The first patient has been dosed, marking a significant milestone for Akero as it now has all three Phase 3 EFX trials underway. The first study group will evaluate the reduction of fibrosis without worsening of MASH after a treatment period of 96 weeks.
Ahead of the analyst, Citi started covering Akero Therapeutics stock with a buy rating, based on efruxifermin’s potential to be a leading treatment for MASH. Similarly, HC Wainwright maintained a buy rating on the company, indicating a positive outlook on Akero’s medical development. These are the latest developments that investors should look out for.
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