Akero Therapeutics (AKRO) stock surged 5.95% in intraday trading on Wednesday, buoyed by the company's successful equity raise and positive clinical trial results for its lead drug candidate.
On Tuesday, Akero Therapeutics announced the pricing of an upsized public offering, raising $350 million through the sale of approximately 5.3 million shares and pre-funded warrants to purchase an additional 2 million shares. The offering was well-received by investors, signaling confidence in the company's financial position and growth prospects.
Moreover, the stock's rally was further fueled by promising results from a study on Akero's lead drug candidate, efruxifermin. The drug demonstrated its ability to reverse scarring and improve liver health in patients with a type of fatty liver disease known as metabolic dysfunction-associated steatohepatitis (MASH). This positive development highlighted the potential of efruxifermin and bolstered investor optimism in the company's pipeline.
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