SOUTH SAN FRANCISCO - Akero Therapeutics, Inc. (NASDAQ: NASDAQ:AKRO), a clinical-stage biopharmaceutical company, announced today the addition of Scott Gangloff to its executive team as Chief Technology Officer.
With nearly three decades of experience in biopharmaceutical development and manufacturing, Gangloff joins Akero as the company advances its lead product candidate, efruxifermin (EFX), through Phase 3 clinical trials for the treatment of metabolic liver disease MASH.
President and CEO Andrew Cheng expressed confidence in Gangloff's ability to contribute to the company's late-stage clinical development and commercialization efforts for EFX. Gangloff's background includes significant roles at Incyte (NASDAQ:INCY) Corporation, Oncobiologics, Bristol Myers (NYSE:BMY) Squibb, and Jacobs Engineering (NYSE:J). He holds a Master of Engineering degree in Chemical Engineering from Lehigh University.
EFX, Akero's flagship product for MASH, is a Fc-FGF21 fusion protein designed to replicate the activity of the native FGF21 hormone, which plays a role in metabolic regulation. The treatment aims to reduce liver fat, inflammation, and fibrosis, while improving insulin sensitivity and lipid profiles. These factors are critical in addressing MASH, a condition that affects over 17 million Americans and can lead to cirrhosis, liver failure, and cancer.
Akero's SYNCHRONY clinical trials are evaluating EFX in various stages of MASH and MASLD. The company plans to initiate an additional Phase 3 trial, the SYNCHRONY Outcomes study, in the second quarter of 2024, targeting patients with cirrhosis due to MASH.
The company's forward-looking statements acknowledge the inherent risks and uncertainties in drug development, with the caution that positive clinical study results may not guarantee future success. Akero's recent SEC filings detail these risks further.
This appointment marks a significant step for Akero as it moves closer to potentially offering a new treatment option for patients with MASH. The information in this article is based on a press release statement from Akero Therapeutics.
InvestingPro Insights
Akero Therapeutics, Inc. (NASDAQ: AKRO) has recently made a strategic addition to its executive team, which could be pivotal as the company navigates the complex landscape of biopharmaceutical development.
As Akero advances its lead product candidate, efruxifermin (EFX), through critical Phase 3 clinical trials, investors and stakeholders are closely monitoring the company's performance metrics and market position. Here are some key insights from InvestingPro that may provide a deeper understanding of Akero's current financial health and market sentiment:
With a market capitalization of $1.36 billion, Akero Therapeutics shows a substantial presence in the biopharmaceutical space. Still, the company's financials reflect the challenging nature of drug development, with an adjusted P/E ratio over the last twelve months (as of Q4 2023) at -8.94, indicating that the company is not currently profitable.
This is further underscored by a significant operating loss of $172.87 million over the same period. Despite these challenges, an InvestingPro Tip highlights that Akero holds more cash than debt on its balance sheet, which could provide some financial flexibility as they continue to develop EFX.
The stock's performance has been volatile, with a 6-month price total return showing a large uptick of 64.6%, despite a year-to-date drop of -15.97% and a stark 1-year price total return of -56.15%. Moreover, the Relative Strength Index (RSI) suggests the stock is in oversold territory, which could interest value-seeking investors.
Yet, it is worth noting that analysts have revised their earnings downwards for the upcoming period, and the company is not expected to be profitable this year, as per additional InvestingPro Tips.
For those considering an investment in Akero Therapeutics, more InvestingPro Tips are available, offering comprehensive analyses that could guide investment decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the 11 additional tips listed on InvestingPro for a more nuanced view of Akero's potential in the biopharmaceutical industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.