Bank of New York Mellon Corp Takes Position in Viking Therapeutics, Inc. $VKTX

Key Points

• Bank of New York Mellon acquired 407,840 shares of Viking Therapeutics worth approximately $15.9 million, representing about 0.35% of the company. Other institutional investors also added positions, and institutions collectively own 76.03% of VKTX.
• Viking’s CEO and CFO sold shares totaling approximately $5.66 million, with both transactions intended to cover tax withholding on vested equity awards. Insiders own 5.30% of the company.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $96.62, despite JPMorgan lowering its target to $65. Shares recently opened at $32.78, while the company reported a quarterly loss of $1.10 per share, better than expectations.

Bank of New York Mellon Corp acquired a new position in shares of Viking Therapeutics, Inc. (NASDAQ:VKTX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 407,840 shares of the biotechnology company's stock, valued at approximately $15,910,000. Bank of New York Mellon Corp owned approximately 0.35% of Viking Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of VKTX. GSA Capital Partners LLP bought a new stake in Viking Therapeutics in the 2nd quarter worth about $1,014,000. Cornerstone Capital Inc. bought a new position in shares of Viking Therapeutics during the 2nd quarter worth approximately $3,334,000. Handelsbanken Fonder AB lifted its position in shares of Viking Therapeutics by 21.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 43,400 shares of the biotechnology company's stock worth $1,693,000 after buying an additional 7,700 shares in the last quarter. 180 Wealth Advisors LLC purchased a new position in shares of Viking Therapeutics in the 2nd quarter worth approximately $341,000. Finally, Ballast Advisors LLC purchased a new position in shares of Viking Therapeutics in the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 76.03% of the company's stock.

Insiders Place Their Bets

In other news, CEO Brian Lian sold 148,517 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer owned 2,572,441 shares of the company's stock, valued at $85,713,734.12. The trade was a 5.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Greg Zante sold 21,217 shares of the company's stock in a transaction that occurred 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 sale, 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 ownership of the stock. 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. Insiders sold 187,951 shares of company stock worth $6,268,442 over the last quarter. 5.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price objective on Viking Therapeutics from $75.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 11th. Lake Street Capital initiated coverage on Viking Therapeutics in a research note on Thursday, May 28th. They set a "buy" rating and a $89.00 target price on the stock. Zacks Research raised shares of Viking Therapeutics from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Truist Financial started coverage on shares of Viking Therapeutics in a research report on Wednesday, May 27th. They set a "buy" rating and a $83.00 price target for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Viking Therapeutics in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Viking Therapeutics has an average rating of "Moderate Buy" and an average target price of $96.62.

Viking Therapeutics Price Performance

Shares of NASDAQ VKTX opened at $32.78 on Tuesday. The stock has a market capitalization of $3.82 billion, a PE ratio of -7.03 and a beta of 0.69. Viking Therapeutics, Inc. has a one year low of $22.96 and a one year high of $43.15. The business's fifty day moving average price is $35.65 and its 200-day moving average price is $33.36.

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 for the quarter, topping the consensus estimate of ($1.21) by $0.11. During the same period in the previous year, the business posted ($0.58) earnings per share. The company's revenue for the quarter was up .0% on a year-over-year basis. As a group, equities analysts expect that Viking Therapeutics, Inc. will post -4.47 EPS for the current fiscal 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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