AXQ Capital LP Buys 56,796 Shares of Viking Therapeutics, Inc. $VKTX

Key Points

• AXQ Capital increased its Viking Therapeutics stake by 164% in the second quarter, purchasing 56,796 additional shares to reach 91,437 shares valued at approximately $3.57 million. Institutional investors collectively own 76.03% of VKTX.
• Analyst sentiment remains largely positive, with a consensus rating of “Moderate Buy” and an average price target of $96.62, although targets range from $65 to $114 and one firm maintains a sell rating.
• VKTX opened at $33.98, within its 52-week range of $22.96 to $43.15. The company reported a quarterly loss of $1.10 per share, beating analysts’ expected loss of $1.21, while executives sold shares to cover tax obligations on vested equity awards.

AXQ Capital LP grew its stake in shares of Viking Therapeutics, Inc. (NASDAQ:VKTX - Free Report) by 164.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 91,437 shares of the biotechnology company's stock after buying an additional 56,796 shares during the quarter. AXQ Capital LP owned approximately 0.08% of Viking Therapeutics worth $3,567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ballast Advisors LLC bought a new stake in shares of Viking Therapeutics during the first quarter worth about $33,000. Quattro Advisors LLC acquired a new position in shares of Viking Therapeutics in the fourth quarter valued at approximately $37,000. Fifth Third Bancorp raised its holdings in Viking Therapeutics by 169.2% in the 4th quarter. Fifth Third Bancorp now owns 1,077 shares of the biotechnology company's stock valued at $38,000 after buying an additional 677 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Viking Therapeutics in the 1st quarter valued at approximately $50,000. Finally, Allworth Financial LP bought a new position in Viking Therapeutics in the 2nd quarter valued at approximately $53,000. Institutional investors own 76.03% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on VKTX. Canaccord Genuity Group raised their target price on Viking Therapeutics from $107.00 to $114.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Lake Street Capital assumed coverage on Viking Therapeutics in a research report on Thursday, May 28th. They issued a "buy" rating and a $89.00 price target on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Viking Therapeutics in a research report on Friday, July 17th. JPMorgan Chase & Co. decreased their price target on Viking Therapeutics from $75.00 to $65.00 and set an "overweight" rating for the company in a research note on Tuesday, August 11th. Finally, Zacks Research upgraded Viking Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Insider Buying and Selling at Viking Therapeutics

In related news, CFO Greg Zante sold 21,217 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $33.47, for a total transaction of $710,132.99. Following the transaction, the chief financial officer owned 212,204 shares in the company, valued at $7,102,467.88. The trade was a 9.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 company's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $33.32, for a total transaction of $4,948,586.44. Following the transaction, the chief executive officer owned 2,572,441 shares in the company, valued at $85,713,734.12. This represents a 5.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 187,951 shares of company stock valued at $6,268,442. 5.30% of the stock is currently owned by company insiders.

Viking Therapeutics Stock Performance

NASDAQ:VKTX opened at $33.98 on Friday. Viking Therapeutics, Inc. has a 52 week low of $22.96 and a 52 week high of $43.15. The firm's fifty day moving average is $35.48 and its 200-day moving average is $33.45. The firm has a market cap of $3.96 billion, a P/E ratio of -7.29 and a beta of 0.69.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.21) by $0.11. The business's revenue was up .0% compared to the same quarter last year. During the same period last year, the company earned ($0.58) earnings per share. As a group, sell-side analysts anticipate that Viking Therapeutics, Inc. will post -4.47 earnings per share for the current year.

Viking Therapeutics Profile

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.

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