BUZZ-Akero Therapeutics gains after upsized $350 mln equity raise

Shares of Akero Therapeutics AKRO.O up 1.8% premarket to $52.39 after co raises more equity than targeted

Co late Tues said sold ~7.3 mln shares, including ~2 mln pre-funded warrants, at $48 for approx $350 mln gross proceeds

On Mon, AKRO shares surged 97.5% to $51.71 after co said its lead drug, efruxifermin, showed it can help reverse scarring in patients with type of fatty liver disease known as metabolic dysfunction-associated steatohepatitis (MASH)

Shares on Tues edged down 0.5% and closed at $51.47 as co marketed $300 mln offering

Co has ~69.8 mln shares outstanding for $3.6 bln market cap, per LSEG

JP Morgan, Morgan Stanley and Jefferies are jt bookrunners for the offering

Separately, 89Bio ETNB.O raised $250 mln of equity to fund its MASH drug candidate