AKRO - Why Akero Therapeutics Stock Is on Fire Today
Shares of the clinical-stage biotech Akero Therapeutics (NASDAQ: AKRO) were up by a staggering 110% on sky-high volume as of 9:56 a.m. ET Tuesday morning. The biotech's shares have more than doubled in price this morning in response to a positive phase 2b trial for the experimental nonalcoholic steatohepatitis (NASH) candidate known as efruxifermin (EFX).
Specifically, Akero announced ahead of the opening bell that EFX hit both the study's primary endpoint of at least a one-stage improvement in liver fibrosis with no worsening of NASH by week 24 as well as a key secondary endpoint consisting of NASH resolution without worsening of fibrosis. The drug reportedly beat out placebo on each of these endpoints across both the high dose (50mg) and the low dose arm (28mg) of the study.
NASH is easily the largest untapped drug market in existence today. Despite 12% of adults in the U.S. estimated to be afflicted with this serious liver disease, there are no drugs or therapies approved by the Food and Drug Administration (FDA) for this indication.
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Why Akero Therapeutics Stock Is on Fire Today