Canaccord Genuity Group Issues Positive Forecast for Viking Therapeutics (NASDAQ:VKTX) Stock Price

Viking Therapeutics (NASDAQ:VKTX) had its price target increased by analysts at Canaccord Genuity Group from $106.00 to $107.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 163.55% from the company’s previous close.

A number of other research analysts also recently issued reports on VKTX. Zacks Research downgraded shares of Viking Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. BTIG Research reissued a “buy” rating and set a $125.00 price target on shares of Viking Therapeutics in a research note on Monday, September 22nd. Morgan Stanley increased their price objective on shares of Viking Therapeutics from $98.00 to $102.00 and gave the company an “overweight” rating in a report on Thursday, October 23rd. Cantor Fitzgerald set a $105.00 target price on shares of Viking Therapeutics in a report on Thursday, October 23rd. Finally, Citigroup upped their target price on shares of Viking Therapeutics from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Viking Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $87.14.

Viking Therapeutics Stock Performance

Shares of VKTX opened at $40.60 on Wednesday. The business’s fifty day moving average price is $30.78 and its two-hundred day moving average price is $29.95. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -19.15 and a beta of 0.64. Viking Therapeutics has a 52 week low of $18.92 and a 52 week high of $62.50.

Viking Therapeutics (NASDAQ:VKTX) last issued its quarterly earnings results on Wednesday, October 22nd. The biotechnology company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.14). The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.22) earnings per share. As a group, research analysts forecast that Viking Therapeutics will post -1.56 EPS for the current year.

Insider Activity

In other Viking Therapeutics news, COO Marianna Mancini sold 6,185 shares of the stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $35.00, for a total value of $216,475.00. Following the sale, the chief operating officer directly owned 382,467 shares in the company, valued at approximately $13,386,345. This trade represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Greg Zante sold 6,185 shares of Viking Therapeutics stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $35.00, for a total transaction of $216,475.00. Following the transaction, the chief financial officer directly owned 173,592 shares in the company, valued at approximately $6,075,720. This represents a 3.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 111,359 shares of company stock worth $3,932,155 over the last three months. Company insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Viking Therapeutics

Several large investors have recently modified their holdings of VKTX. Allworth Financial LP raised its position in shares of Viking Therapeutics by 58.4% during the second quarter. Allworth Financial LP now owns 955 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 352 shares during the period. Glass Jacobson Investment Advisors llc bought a new stake in Viking Therapeutics during the 2nd quarter worth approximately $28,000. Elevation Point Wealth Partners LLC bought a new stake in Viking Therapeutics during the 2nd quarter worth approximately $29,000. Golden State Wealth Management LLC acquired a new stake in Viking Therapeutics during the 3rd quarter worth approximately $30,000. Finally, Quarry LP lifted its stake in Viking Therapeutics by 1,621.4% in the first quarter. Quarry LP now owns 1,205 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 1,135 shares in the last quarter. 76.03% of the stock is currently owned by institutional investors.

About Viking Therapeutics

Viking Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of novel therapies for metabolic and endocrine disorders. The company's lead drug candidate is VK2809, an orally available tissue and receptor-subtype selective agonist of the thyroid hormone receptor beta (TRß), which is in Phase IIb clinical trials to treat patients with biopsy-confirmed non-alcoholic steatohepatitis, as well as NAFLD.