Akero Therapeutics, Inc. (NASDAQ:AKRO), a biopharmaceutical company, has announced the approval of a key amendment to its corporate bylaws following its recent annual stockholders meeting. The amendment, designed to limit the liability of certain officers, aligns with recent changes in Delaware law, where the company is incorporated.
The amendment to the Fourth Amended and Restated Certificate of Incorporation was ratified at the annual meeting on June 7, 2024, and filed with the Delaware Secretary of State on June 11, 2024. This legal update is set to provide specified officers with protection from certain types of lawsuits, a move permitted under the newly amended state laws.
In addition to the bylaw amendment, the annual stockholders meeting saw the election of three Class II directors: Seth L. Harrison, M.D., Graham Walmsley, M.D., Ph.D., and Yuan Xu, Ph.D. Each will serve a three-year term expiring at the 2027 annual meeting or until their successors are elected and qualified. The election results showed significant support for Dr. Walmsley, with over 35 million votes in favor.
The meeting also resulted in the approval of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Furthermore, a non-binding advisory vote endorsed the compensation of the company's named executive officers.
In other recent news, Akero Therapeutics has been a topic of discussion among several analyst firms. Canaccord Genuity maintained a Buy rating on Akero's stock, citing the potential of the drug candidate, Efruxifermin. The firm anticipates significant data from the Phase IIb SYMMETRY study in the first half of 2025, which could lead to a positive outcome on fibrosis treatment. In a similar vein, Wolfe Research initiated coverage on Akero with an Outperform rating, based on the potential market introduction of competing NASH treatments and Akero's potential to reach approximately $3 billion in peak revenue by 2040.
Evercore ISI and Canaccord Genuity both adjusted their price targets for Akero, with Evercore reducing its target to $38.00 and Canaccord adjusting its target to $56.00. These adjustments were driven by reassessments of the company's financial model and updated projections for fiscal year 2024 operating expenses.
In addition to these developments, Akero Therapeutics announced the appointment of Scott Gangloff as Chief Technology Officer, highlighting the company's commitment to advancing Efruxifermin through Phase 3 clinical trials. Lastly, BofA Securities reinstated coverage on Akero Therapeutics, assigning a Neutral rating with a price target set at $30.00, noting challenges ahead including concerns regarding the drug's safety and an intensifying competitive landscape in the NASH treatment market. These are the recent developments concerning Akero Therapeutics.
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