Viking Therapeutics (NASDAQ:VKTX) Hits New 1-Year Low - What's Next?

Key Points

• Viking Therapeutics shares hit a new 52-week low of $25.76, well below their 50-day and 200-day moving averages of $32.64 and $33.19, respectively.
• Despite the selloff, analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $99.44.
• The company exceeded quarterly EPS expectations, reporting a loss of $1.10 per share versus the estimated $1.21 loss, while insiders sold approximately $6.27 million in stock over the past 90 days, primarily to cover tax obligations.

Viking Therapeutics, Inc. (NASDAQ:VKTX - Get Free Report)'s stock price reached a new 52-week low on Wednesday. The company traded as low as $25.76 and last traded at $25.8630, with a volume of 3,053,937 shares trading hands. The stock had previously closed at $26.65.

Analysts Set New Price Targets

Several research analysts have recently weighed in 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 cut their target price on shares of Viking Therapeutics from $87.00 to $85.00 and set a "buy" rating for the company in a research note on Wednesday, October 7th. Canaccord Genuity Group boosted their target price on shares of Viking Therapeutics from $107.00 to $114.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Morgan Stanley reissued an "overweight" rating on shares of Viking Therapeutics in a research report on Tuesday, September 22nd. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Viking Therapeutics in a research note on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $99.44.

Viking Therapeutics Price Performance

The stock has a fifty day simple moving average of $32.64 and a 200-day simple moving average of $33.19. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of -5.54 and a beta of 0.66.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last announced its earnings results 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 last year, the company earned ($0.58) EPS. The business's quarterly revenue was up .0% compared to the same quarter last year. As a group, equities analysts expect that Viking Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Insider Transactions at Viking Therapeutics

In other Viking Therapeutics news, CEO Brian Lian sold 148,517 shares of Viking Therapeutics stock in a transaction on Wednesday, July 29th. The stock was 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 in the company, 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 Securities & Exchange Commission, 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 business'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 value of $710,132.99. Following the completion of the sale, the chief financial officer directly owned 212,204 shares in the company, valued at approximately $7,102,467.88. The trade was a 9.09% decrease in their position. 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 in the last 90 days. Insiders own 5.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Assetmark Inc. raised its holdings in Viking Therapeutics by 13.6% in the first quarter. Assetmark Inc. now owns 3,870 shares of the biotechnology company's stock worth $126,000 after buying an additional 462 shares during the last quarter. RFG Advisory LLC boosted its position in Viking Therapeutics by 0.3% in the second quarter. RFG Advisory LLC now owns 142,790 shares of the biotechnology company's stock worth $5,570,000 after purchasing an additional 463 shares during the last quarter. NewEdge Advisors LLC grew its position in Viking Therapeutics by 3.6% during the second quarter. NewEdge Advisors LLC now owns 16,533 shares of the biotechnology company's stock valued at $645,000 after buying an additional 577 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Viking Therapeutics by 66.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,445 shares of the biotechnology company's stock worth $56,000 after acquiring an additional 579 shares during the period. Finally, Keudell Morrison Wealth Management raised its position in Viking Therapeutics by 11.8% in the first quarter. Keudell Morrison Wealth Management now owns 6,650 shares of the biotechnology company's stock worth $216,000 after acquiring an additional 700 shares during the period. 76.03% of the stock is owned by institutional investors and hedge funds.

Viking Therapeutics Company Profile

Viking Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for metabolic and endocrine disorders. The company's research programs are aimed at conditions including obesity, metabolic dysfunction-associated steatohepatitis (MASH), and other diseases involving the liver and metabolism.

Viking's leading program is VK2735, an investigational dual agonist of the glucagon-like peptide-1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors.

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