Viking Therapeutics (NASDAQ:VKTX) Stock Crosses Above 50 Day Moving Average - Here's What Happened

Key Points

• Viking Therapeutics (NASDAQ:VKTX) shares moved above their 50-day moving average on Tuesday, trading as high as $38.08 and last changing hands at $37.95.
• Analyst sentiment remains largely positive, with a consensus Moderate Buy rating and an average price target of $93.60, though Weiss Ratings reiterated a sell rating.
• The company recently reported a Q1 EPS loss of $1.37, wider than the expected $1.01 loss, as investors continue to watch its clinical-stage biopharmaceutical pipeline and institutional ownership changes.

Viking Therapeutics, Inc. (NASDAQ:VKTX - Get Free Report) shares passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $33.51 and traded as high as $38.08. Viking Therapeutics shares last traded at $37.95, with a volume of 1,786,337 shares.

Wall Street Analyst Weigh In

VKTX has been the topic of a number of recent analyst reports. Lake Street Capital began coverage on shares of Viking Therapeutics in a research note on Thursday, May 28th. They issued a "buy" rating and a $89.00 target price on the stock. BTIG Research reiterated a "buy" rating and issued a $125.00 price target on shares of Viking Therapeutics in a research note on Friday, May 1st. Cantor Fitzgerald lowered their price objective on Viking Therapeutics from $105.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 30th. Truist Financial started coverage on Viking Therapeutics in a research note on Wednesday, May 27th. They set a "buy" rating and a $83.00 price objective on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Viking Therapeutics in a research report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Viking Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.60.

Viking Therapeutics Stock Up 4.3%

The stock has a market cap of $4.41 billion, a P/E ratio of -9.17 and a beta of 0.66. The firm's 50 day simple moving average is $33.51 and its two-hundred day simple moving average is $32.89.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.01) by ($0.36). During the same period in the prior year, the company posted ($0.41) EPS. As a group, equities analysts predict that Viking Therapeutics, Inc. will post -4.7 EPS for the current year.

Hedge Funds Weigh In On Viking Therapeutics

Several institutional investors have recently made changes to their positions in VKTX. Handelsbanken Fonder AB lifted its holdings in shares of Viking Therapeutics by 21.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 43,400 shares of the biotechnology company's stock worth $1,693,000 after purchasing an additional 7,700 shares during the last quarter. 180 Wealth Advisors LLC bought a new position in Viking Therapeutics during the 2nd quarter worth $341,000. Ballast Advisors LLC bought a new position in Viking Therapeutics during the 1st quarter worth $33,000. PVG Asset Management Corp increased its position in Viking Therapeutics by 69.7% in the first quarter. PVG Asset Management Corp now owns 19,853 shares of the biotechnology company's stock worth $588,000 after buying an additional 8,154 shares during the period. Finally, Parallel Advisors LLC lifted its stake in Viking Therapeutics by 32.6% in the first quarter. Parallel Advisors LLC now owns 14,020 shares of the biotechnology company's stock valued at $456,000 after buying an additional 3,447 shares during the last quarter. 76.03% of the stock is owned by institutional investors.

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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