Viking Therapeutics (NASDAQ:VKTX) Shares Gap Down After Earnings Miss

Shares of Viking Therapeutics, Inc. (NASDAQ:VKTX - Get Free Report) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $33.40, but opened at $31.50. Viking Therapeutics shares last traded at $32.69, with a volume of 4,014,819 shares.

The biotechnology company reported ($0.58) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.14). The business's revenue for the quarter was up NaN% compared to the same quarter last year. During the same period last year, the company posted ($0.20) earnings per share.

Analyst Ratings Changes

A number of research firms have weighed in on VKTX. Morgan Stanley decreased their price target on Viking Therapeutics from $105.00 to $102.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. The Goldman Sachs Group initiated coverage on Viking Therapeutics in a research note on Tuesday, April 8th. They issued a "neutral" rating and a $30.00 price objective on the stock. HC Wainwright restated a "buy" rating and issued a $102.00 price objective on shares of Viking Therapeutics in a research note on Wednesday, June 25th. Truist Financial reissued a "buy" rating and set a $75.00 price target (down previously from $95.00) on shares of Viking Therapeutics in a research report on Monday, April 28th. Finally, Citigroup lifted their price target on Viking Therapeutics from $31.00 to $38.00 and gave the company a "neutral" rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $87.15.

Insiders Place Their Bets

In related news, CFO Greg Zante sold 4,266 shares of Viking Therapeutics stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $27.76, for a total value of $118,424.16. Following the completion of the transaction, the chief financial officer owned 168,660 shares in the company, valued at approximately $4,682,001.60. This trade represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Lian sold 26,889 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $27.80, for a total transaction of $747,514.20. Following the completion of the sale, the chief executive officer directly owned 2,388,014 shares of the company's stock, valued at approximately $66,386,789.20. The trade was a 1.11% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,421 shares of company stock worth $984,405. Company insiders own 4.10% of the company's stock.

Hedge Funds Weigh In On Viking Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. FIL Ltd grew its holdings in Viking Therapeutics by 116.8% in the fourth quarter. FIL Ltd now owns 1,203 shares of the biotechnology company's stock worth $48,000 after purchasing an additional 648 shares during the last quarter. Quarry LP grew its holdings in shares of Viking Therapeutics by 1,621.4% during the first quarter. Quarry LP now owns 1,205 shares of the biotechnology company's stock valued at $29,000 after buying an additional 1,135 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Viking Therapeutics by 170.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,351 shares of the biotechnology company's stock valued at $55,000 after buying an additional 851 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Viking Therapeutics by 64.8% during the first quarter. Parallel Advisors LLC now owns 1,363 shares of the biotechnology company's stock valued at $33,000 after buying an additional 536 shares during the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in Viking Therapeutics during the fourth quarter valued at $63,000. 76.03% of the stock is owned by hedge funds and other institutional investors.

Viking Therapeutics Stock Performance

The firm's 50 day moving average price is $28.14 and its 200-day moving average price is $28.83. The firm has a market capitalization of $3.72 billion, a PE ratio of -28.81 and a beta of 0.62.

About Viking Therapeutics

Viking Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of novel therapies for metabolic and endocrine disorders. The company's lead drug candidate is VK2809, an orally available tissue and receptor-subtype selective agonist of the thyroid hormone receptor beta (TRß), which is in Phase IIb clinical trials to treat patients with biopsy-confirmed non-alcoholic steatohepatitis, as well as NAFLD.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.