Akero gains as UBS bullish on NASH drug, sets Street-high PT

Akero Therapeutics

28/08/2023 15:53

** Shares of Akero Therapeutics Inc  AKRO.O  up 4.3% at
$50.04 on Mon after UBS starts coverage at "buy", saying co's
treatment for non-alcoholic steatohepatitis (NASH) is a
potential leader
    ** Brokerage sets PT at Street-high $83, per Refinitiv data,
implying 73% upside to stock's Fri close
    ** UBS analyst team led by Eliana Merle believes NASH is an
underappreciated market opportunity worth more than $20 bln
    ** AKRO's lead candidate Efruxifermin (EFX) highly likely to
be successful long-term in its Phase 3 study in NASH, Merle
says, adding she also sees potential for EFX in the NASH
cirrhotic setting
    ** Akero early Mon said it will report results of Phase 2b
SYMMETRY study in Oct 2023, and plans to hold investor webcast
detailing the findings
    ** All 8 analysts covering AKRO are bullish, including 2
"strong buy" ratings, according to Refinitiv; median PT is $62
    ** With move on Mon, stock down ~9% YTD, but up more than
300% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))