Viking Therapeutics (NASDAQ:VKTX) Trading 8.2% Higher – Here’s Why

Viking Therapeutics, Inc. (NASDAQ:VKTX) shares were up 8.2% during mid-day trading on Tuesday . The stock traded as high as $34.20 and last traded at $35.0390. 422,256 shares were traded during mid-day trading, a decline of 84% from the average session volume of 2,593,332 shares. The stock had previously closed at $32.37.

Analyst Upgrades and Downgrades

VKTX has been the topic of several research reports. Wolfe Research assumed coverage on shares of Viking Therapeutics in a research note on Thursday, March 26th. They set a “peer perform” rating on the stock. Cantor Fitzgerald cut their price objective on shares of Viking Therapeutics from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Viking Therapeutics in a report on Monday, April 20th. Morgan Stanley set a $95.00 target price on shares of Viking Therapeutics in a research report on Thursday, April 30th. Finally, Lake Street Capital started coverage on shares of Viking Therapeutics in a research note on Thursday, May 28th. They issued a “buy” rating and a $89.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.60.

Viking Therapeutics Stock Up 9.2%

The stock has a market cap of $4.11 billion, a P/E ratio of -8.49 and a beta of 0.69. The firm’s fifty day moving average price is $31.44 and its 200-day moving average price is $32.64.

Viking Therapeutics (NASDAQ:VKTX) last issued its earnings results on Thursday, April 30th. The biotechnology company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.36). During the same period in the prior year, the firm earned ($0.41) EPS. Sell-side analysts predict that Viking Therapeutics, Inc. will post -4.7 earnings per share for the current year.

Institutional Trading of Viking Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. lifted its position in shares of Viking Therapeutics by 41.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,092,840 shares of the biotechnology company’s stock worth $55,000,000 after purchasing an additional 616,526 shares during the period. Two Sigma Investments LP increased its position in shares of Viking Therapeutics by 58.7% during the third quarter. Two Sigma Investments LP now owns 2,085,487 shares of the biotechnology company’s stock valued at $54,807,000 after buying an additional 771,704 shares during the period. Geode Capital Management LLC increased its position in shares of Viking Therapeutics by 24.0% during the fourth quarter. Geode Capital Management LLC now owns 1,994,509 shares of the biotechnology company’s stock valued at $70,183,000 after buying an additional 385,903 shares during the period. BNP Paribas Financial Markets raised its stake in Viking Therapeutics by 536.3% in the fourth quarter. BNP Paribas Financial Markets now owns 992,695 shares of the biotechnology company’s stock worth $34,923,000 after buying an additional 836,686 shares in the last quarter. Finally, Raymond James Financial Inc. raised its stake in Viking Therapeutics by 16.1% in the third quarter. Raymond James Financial Inc. now owns 954,272 shares of the biotechnology company’s stock worth $25,078,000 after buying an additional 131,994 shares in the last quarter. Institutional investors own 76.03% of the company’s stock.

About Viking Therapeutics

Viking Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders. Headquartered in San Diego, California, the company’s pipeline leverages small-molecule approaches to target hormone signaling pathways implicated in conditions such as non‐alcoholic steatohepatitis (NASH), dyslipidemia, type 2 diabetes and muscle wasting disorders.

The company’s lead programs include VK2809, a thyroid hormone receptor‐beta agonist designed to reduce liver fat and improve lipid profiles in patients with NASH and dyslipidemia, and VK5211, a selective androgen receptor modulator (SARM) aimed at enhancing muscle mass and function in individuals with muscle wasting conditions.