BlackRock Inc. Acquires New Shares in Viking Therapeutics, Inc. $VKTX

BlackRock Inc. acquired a new position in shares of Viking Therapeutics, Inc. (NASDAQ:VKTX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,189,649 shares of the biotechnology company’s stock, valued at approximately $241,458,000. BlackRock Inc. owned approximately 0.05% of Viking Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in VKTX. Ballast Advisors LLC bought a new stake in shares of Viking Therapeutics during the first quarter valued at about $33,000. Quattro Advisors LLC bought a new position in shares of Viking Therapeutics in the fourth quarter valued at approximately $37,000. Fifth Third Bancorp boosted its position in shares of Viking Therapeutics by 169.2% in the fourth quarter. Fifth Third Bancorp now owns 1,077 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 677 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in shares of Viking Therapeutics in the first quarter valued at approximately $50,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Viking Therapeutics by 29.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,109 shares of the biotechnology company’s stock valued at $56,000 after acquiring an additional 481 shares in the last quarter. Institutional investors own 76.03% of the company’s stock.

Viking Therapeutics Trading Up 0.6%

VKTX stock opened at $34.38 on Thursday. The company’s 50 day moving average is $35.53 and its 200 day moving average is $33.27. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of -7.38 and a beta of 0.69. Viking Therapeutics, Inc. has a 1-year low of $22.96 and a 1-year high of $43.15.

Viking Therapeutics (NASDAQ:VKTX) last announced its earnings results on Wednesday, July 29th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.21) by $0.11. During the same quarter in the prior year, the business earned ($0.58) EPS. The firm’s revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts forecast that Viking Therapeutics, Inc. will post -4.47 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on VKTX shares. Truist Financial began coverage on shares of Viking Therapeutics in a report on Wednesday, May 27th. They set a “buy” rating and a $83.00 target price on the stock. BTIG Research reissued a “buy” rating and issued a $125.00 price target on shares of Viking Therapeutics in a report on Friday, May 1st. Cantor Fitzgerald reduced their price target on shares of Viking Therapeutics from $105.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Canaccord Genuity Group upped their price target on shares of Viking Therapeutics from $107.00 to $114.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Morgan Stanley set a $95.00 price objective on Viking Therapeutics in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Viking Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.62.

Insider Activity

In related news, CFO Greg Zante sold 21,217 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $33.47, for a total value of $710,132.99. Following the transaction, the chief financial officer owned 212,204 shares of the company’s stock, valued at $7,102,467.88. This represents a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Brian Lian sold 148,517 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $33.32, for a total value of $4,948,586.44. Following the completion of the transaction, the chief executive officer directly owned 2,572,441 shares in the company, valued at approximately $85,713,734.12. This represents a 5.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 187,951 shares of company stock worth $6,268,442. 5.30% of the stock is currently owned by corporate insiders.

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.