Viking Therapeutics (NASDAQ:VKTX) Trading Up 7.7% - Time to Buy?

Viking Therapeutics, Inc. (NASDAQ:VKTX - Get Free Report) shares rose 7.7% on Wednesday . The company traded as high as $28.74 and last traded at $28.73. Approximately 1,640,752 shares changed hands during trading, a decline of 59% from the average daily volume of 4,013,823 shares. The stock had previously closed at $26.67.

Analyst Upgrades and Downgrades

VKTX has been the subject of a number of research analyst reports. Truist Financial reiterated a "buy" rating and set a $75.00 price objective (down previously from $95.00) on shares of Viking Therapeutics in a report on Monday, April 28th. The Goldman Sachs Group began coverage on shares of Viking Therapeutics in a report on Tuesday, April 8th. They set a "neutral" rating and a $30.00 price objective for the company. Morgan Stanley reduced their price target on shares of Viking Therapeutics from $105.00 to $102.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. HC Wainwright restated a "buy" rating and issued a $102.00 price target on shares of Viking Therapeutics in a report on Wednesday, June 25th. Finally, Cantor Fitzgerald upgraded shares of Viking Therapeutics to a "strong-buy" rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $87.15.

Viking Therapeutics Trading Up 1.6%

The stock has a market cap of $3.16 billion, a PE ratio of -24.49 and a beta of 0.62. The business's 50-day moving average price is $27.42 and its 200-day moving average price is $29.71.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The biotechnology company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.10). During the same quarter last year, the business posted ($0.26) EPS. The firm's revenue was up .0% on a year-over-year basis. As a group, analysts predict that Viking Therapeutics, Inc. will post -1.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Greg Zante sold 4,266 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $27.76, for a total value of $118,424.16. Following the completion of the sale, the chief financial officer owned 168,660 shares of the company's stock, valued at approximately $4,682,001.60. This represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Marianna Mancini sold 4,266 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $27.77, for a total transaction of $118,466.82. Following the transaction, the chief operating officer directly owned 377,535 shares of the company's stock, valued at approximately $10,484,146.95. This trade represents a 1.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,421 shares of company stock worth $984,405. Company insiders own 4.10% of the company's stock.

Institutional Investors Weigh In On Viking Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Inspire Investing LLC increased its stake in Viking Therapeutics by 41.3% during the 1st quarter. Inspire Investing LLC now owns 14,255 shares of the biotechnology company's stock worth $344,000 after buying an additional 4,170 shares during the period. Strs Ohio purchased a new stake in shares of Viking Therapeutics in the 1st quarter valued at approximately $604,000. Wealth Management Associates Inc. purchased a new stake in shares of Viking Therapeutics in the 1st quarter valued at approximately $241,000. Flaharty Asset Management LLC purchased a new stake in shares of Viking Therapeutics in the 1st quarter valued at approximately $56,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Viking Therapeutics by 1.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,028 shares of the biotechnology company's stock valued at $11,351,000 after purchasing an additional 6,696 shares during the last quarter. 76.03% of the stock is owned by hedge funds and other institutional investors.

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.