Concurrent Investment Advisors LLC Has $11.95 Million Stock Holdings in Viking Therapeutics, Inc. $VKTX

Key Points

• Concurrent Investment Advisors reduced its Viking Therapeutics position by 11.9% in the second quarter, selling 41,506 shares. It still held 306,280 shares valued at approximately $11.95 million, while institutional investors collectively owned 76.03% of the company.
• VKTX recently reported a quarterly loss of $1.10 per share, beating analyst estimates of a $1.21 loss. The stock opened at $34.87, compared with a 52-week range of $22.96 to $43.15.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $96.62, although JPMorgan lowered its target to $65. Company insiders sold shares primarily to cover tax withholding obligations related to equity awards.

Concurrent Investment Advisors LLC cut its position in Viking Therapeutics, Inc. (NASDAQ:VKTX - Free Report) by 11.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 306,280 shares of the biotechnology company's stock after selling 41,506 shares during the period. Concurrent Investment Advisors LLC owned 0.26% of Viking Therapeutics worth $11,948,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Timothy G. Youngquist 2020 Irrevocable Trust increased its stake in shares of Viking Therapeutics by 141.6% in the second quarter. Timothy G. Youngquist 2020 Irrevocable Trust now owns 271,849 shares of the biotechnology company's stock valued at $10,605,000 after buying an additional 159,349 shares in the last quarter. Cornerstone Capital Inc. acquired a new stake in Viking Therapeutics in the 2nd quarter valued at about $3,334,000. BlackRock Inc. bought a new position in shares of Viking Therapeutics in the second quarter worth about $241,458,000. Dimensional Fund Advisors LP lifted its position in shares of Viking Therapeutics by 18.0% during the first quarter. Dimensional Fund Advisors LP now owns 542,516 shares of the biotechnology company's stock worth $17,653,000 after purchasing an additional 82,941 shares in the last quarter. Finally, Channel Wealth LLC bought a new stake in shares of Viking Therapeutics during the fourth quarter valued at approximately $2,655,000. Institutional investors and hedge funds own 76.03% of the company's stock.

Viking Therapeutics Price Performance

VKTX stock opened at $34.87 on Friday. The firm has a 50 day simple moving average of $35.41 and a two-hundred day simple moving average of $33.46. The stock has a market cap of $4.07 billion, a PE ratio of -7.48 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.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.21) by $0.11. The company's revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.58) EPS. On average, research analysts expect that Viking Therapeutics, Inc. will post -4.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on VKTX. JPMorgan Chase & Co. dropped their price objective on Viking Therapeutics from $75.00 to $65.00 and set an "overweight" rating for the company in a report on Tuesday, August 11th. Weiss Ratings restated a "sell (d-)" rating on shares of Viking Therapeutics in a research note on Friday, July 17th. Canaccord Genuity Group lifted their price target on shares of Viking Therapeutics from $107.00 to $114.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Lake Street Capital began coverage on Viking Therapeutics in a research report on Thursday, May 28th. They issued a "buy" rating and a $89.00 price objective for the company. Finally, 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 on the stock. One 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 given a Sell rating to the stock. According to data from MarketBeat.com, Viking Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Transactions at Viking Therapeutics

In other Viking Therapeutics news, CEO Brian Lian sold 148,517 shares of the stock in a transaction that occurred on 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 directly owned 2,572,441 shares in the company, valued at $85,713,734.12. This trade represents a 5.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Marianna Mancini sold 18,217 shares of Viking Therapeutics stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $33.47, for a total transaction of $609,722.99. Following the transaction, the chief operating officer directly owned 422,760 shares in the company, valued at $14,149,777.20. This trade represents a 4.13% 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. In the last three months, insiders 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.

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