Viking Therapeutics (NASDAQ:VKTX) Shares Up 10.6% - Time to Buy?

Key Points

• Viking Therapeutics' stock surged by 10.6% to close at $25.54, significantly above the previous close of $23.09.
• Wall Street analysts maintain a positive outlook on the stock, with a consensus target price of $87.50 and several analysts assigning "Strong Buy" and "Buy" ratings.
• Although the company reported a loss of ($0.58) EPS for the last quarter, it still drew interest from institutional investors, with 76.03% of the stock now owned by these entities.

Shares of Viking Therapeutics, Inc. (NASDAQ:VKTX - Get Free Report) shot up 10.6% on Thursday . The stock traded as high as $25.37 and last traded at $25.54. 5,040,872 shares were traded during mid-day trading, an increase of 5% from the average session volume of 4,802,116 shares. The stock had previously closed at $23.09.

Analysts Set New Price Targets

A number of analysts have commented on VKTX shares. Citigroup upped their price target on Viking Therapeutics from $31.00 to $38.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Raymond James Financial lowered their price objective on shares of Viking Therapeutics from $125.00 to $122.00 and set a "strong-buy" rating for the company in a research report on Thursday, July 24th. BTIG Research reaffirmed a "buy" rating and set a $125.00 target price on shares of Viking Therapeutics in a research report on Monday. Finally, HC Wainwright reissued a "buy" rating and issued a $102.00 price objective on shares of Viking Therapeutics in a report on Tuesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $90.38.

Viking Therapeutics Stock Performance

The firm's 50 day moving average is $30.45 and its 200 day moving average is $28.09.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The biotechnology company reported ($0.58) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.14). During the same quarter last year, the company earned ($0.20) earnings per share. The firm's quarterly revenue was up NaN% on a year-over-year basis. On average, analysts expect that Viking Therapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Insider Transactions at Viking Therapeutics

In other Viking Therapeutics news, CEO Brian Lian sold 26,889 shares of the company's stock in a transaction that occurred on 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 $66,386,789.20. This represents a 1.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Greg Zante sold 4,266 shares of the business's stock in a transaction on 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 directly owned 168,660 shares of the company's stock, valued at approximately $4,682,001.60. This trade represents a 2.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,421 shares of company stock valued at $984,405 over the last ninety days. Insiders own 4.10% of the company's stock.

Hedge Funds Weigh In On Viking Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allworth Financial LP lifted its holdings in shares of Viking Therapeutics by 58.4% in the second quarter. Allworth Financial LP now owns 955 shares of the biotechnology company's stock valued at $25,000 after purchasing an additional 352 shares in the last quarter. Glass Jacobson Investment Advisors llc acquired a new position in Viking Therapeutics during the second quarter worth $28,000. Quarry LP grew its stake 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 purchasing an additional 1,135 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Viking Therapeutics during the 2nd quarter worth $29,000. Finally, Parallel Advisors LLC boosted its position 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 worth $33,000 after purchasing an additional 536 shares in the last quarter. 76.03% of the stock is currently owned by institutional investors and hedge funds.

Viking Therapeutics Company Profile

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.