JPMorgan Chase & Co. Issues Pessimistic Forecast for Viking Therapeutics (NASDAQ:VKTX) Stock Price

Key Points

• JPMorgan lowered Viking Therapeutics’ price target from $75 to $65 while maintaining an “overweight” rating, implying 88.38% upside from the stock’s previous close.
• Analyst sentiment remains mixed but leans positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $96.62, despite recent “sell” and “strong sell” ratings.
• VKTX traded near $34.51, while the company reported a smaller-than-expected quarterly loss of $1.10 per share. Executives also sold shares to cover tax withholding obligations related to vested equity awards.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) had its price objective reduced by equities researchers at JPMorgan Chase & Co. from $75.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 88.38% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Viking Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Monday, July 20th. Lake Street Capital initiated coverage on shares of Viking Therapeutics in a report on Thursday, May 28th. They set a "buy" rating and a $89.00 price target on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Viking Therapeutics in a report on Friday, July 17th. Truist Financial assumed coverage on shares of Viking Therapeutics in a research note on Wednesday, May 27th. They issued a "buy" rating and a $83.00 price target on the stock. Finally, BTIG Research reiterated a "buy" rating and set a $125.00 price objective on shares of Viking Therapeutics in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Viking Therapeutics Trading Up 0.2%

NASDAQ:VKTX traded up $0.07 on Tuesday, hitting $34.51. 167,461 shares of the company's stock traded hands, compared to its average volume of 2,576,041. Viking Therapeutics has a 1 year low of $22.96 and a 1 year high of $43.15. The firm has a 50-day moving average price of $34.40 and a 200-day moving average price of $32.99. The company has a market cap of $4.03 billion, a PE ratio of -7.37 and a beta of 0.69.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported ($1.10) earnings per share for the quarter, beating analysts' consensus estimates of ($1.21) by $0.11. The company's quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the company posted ($0.58) earnings per share. On average, research analysts forecast that Viking Therapeutics will post -4.5 EPS for the current fiscal year.

Insider Activity at Viking Therapeutics

In other Viking Therapeutics news, COO Marianna Mancini sold 18,217 shares of the stock in a transaction on Wednesday, July 29th. The shares were 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 of the company's stock, valued at $14,149,777.20. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through 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 firm's stock in a transaction dated Wednesday, July 29th. The shares were 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 in the company, valued at approximately $7,102,467.88. This trade represents a 9.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 187,951 shares of company stock valued at $6,268,442. Insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in VKTX. Ballast Advisors LLC acquired a new stake in Viking Therapeutics in the 1st quarter worth approximately $33,000. Quattro Advisors LLC acquired a new position in Viking Therapeutics during the fourth quarter valued at approximately $37,000. Fifth Third Bancorp raised 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 purchasing an additional 677 shares during the period. TD Waterhouse Canada Inc. raised its position in shares of Viking Therapeutics by 250.0% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,400 shares of the biotechnology company's stock valued at $49,000 after purchasing an additional 1,000 shares during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in shares of Viking Therapeutics in the first quarter worth $50,000. Institutional investors and hedge funds own 76.03% of the company's stock.

Viking Therapeutics Company 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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