Viking Therapeutics (NASDAQ:VKTX) Coverage Initiated at Canaccord Genuity Group

Research analysts at Canaccord Genuity Group began coverage on shares of Viking Therapeutics (NASDAQ:VKTX) in a research note issued on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $106.00 price target on the biotechnology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 177.71% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Zacks Research cut Viking Therapeutics from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 21st. Morgan Stanley lifted their target price on Viking Therapeutics from $98.00 to $102.00 and gave the stock an “overweight” rating in a report on Thursday, October 23rd. HC Wainwright reaffirmed a “buy” rating and set a $102.00 target price on shares of Viking Therapeutics in a research report on Monday, September 29th. JPMorgan Chase & Co. decreased their price target on Viking Therapeutics from $80.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, October 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Viking Therapeutics in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $87.07.

Viking Therapeutics Trading Up 8.4%

Shares of Viking Therapeutics stock opened at $38.17 on Wednesday. Viking Therapeutics has a 52 week low of $18.92 and a 52 week high of $79.10. The stock has a market cap of $4.31 billion, a PE ratio of -18.00 and a beta of 0.64. The company’s 50-day moving average price is $29.10 and its two-hundred day moving average price is $29.17.

Viking Therapeutics (NASDAQ:VKTX) last announced its quarterly earnings data 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). During the same period in the prior year, the business earned ($0.22) EPS. The company’s quarterly revenue was up .0% compared to the same quarter last year. On average, equities analysts predict that Viking Therapeutics will post -1.56 EPS for the current fiscal year.

Insider Activity at Viking Therapeutics

In other Viking Therapeutics news, CFO Greg Zante sold 6,185 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 173,592 shares in the company, valued at $6,075,720. This represents a 3.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles A. Rowland, Jr. sold 60,000 shares of Viking Therapeutics stock in a transaction on Monday, October 27th. The shares were sold at an average price of $35.57, for a total transaction of $2,134,200.00. Following the sale, the director directly owned 30,000 shares of the company’s stock, valued at $1,067,100. This trade represents a 66.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 111,359 shares of company stock valued at $3,932,155. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Viking Therapeutics

A number of hedge funds have recently modified their holdings of VKTX. Allworth Financial LP raised its holdings 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 acquiring an additional 352 shares in the last quarter. Glass Jacobson Investment Advisors llc acquired a new position in Viking Therapeutics in the 2nd quarter worth about $28,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Viking Therapeutics during the 2nd quarter worth about $29,000. Quarry LP raised its stake in shares of Viking Therapeutics by 1,621.4% during the 1st quarter. Quarry LP now owns 1,205 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 1,135 shares in the last quarter. Finally, Avion Wealth lifted its holdings in shares of Viking Therapeutics by 1,157.0% during the 3rd quarter. Avion Wealth now owns 1,521 shares of the biotechnology company’s stock valued at $39,000 after buying an additional 1,400 shares during the last quarter. 76.03% of the stock is owned by institutional investors and hedge funds.

Viking Therapeutics Company Profile

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.