Viking Therapeutics (NASDAQ:VKTX) Trading Up 2.6% - Here's Why

Key Points

• Viking Therapeutics' stock rose 2.6% to $32.37 after trading as high as $34.31, with trading volume exceeding the average by 23%.
• Analysts' price targets for Viking Therapeutics vary significantly, with a high of $125.00 and a consensus target of $86.42, indicating differing views on the company's value.
• Several hedge funds have increased their stakes in Viking Therapeutics, with Norges Bank investing approximately $46.8 million, showing strong institutional interest.

Viking Therapeutics, Inc. (NASDAQ:VKTX - Get Free Report)'s stock price was up 2.6% on Wednesday . The stock traded as high as $34.31 and last traded at $32.37. Approximately 5,961,239 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 4,855,012 shares. The stock had previously closed at $31.54.

Analysts Set New Price Targets

Several equities analysts recently weighed in on VKTX shares. HC Wainwright reiterated a "buy" rating and issued a $102.00 price target on shares of Viking Therapeutics in a report on Monday, September 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Viking Therapeutics in a report on Wednesday. Citigroup increased their price target on shares of Viking Therapeutics from $31.00 to $38.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Raymond James Financial lowered their price objective on Viking Therapeutics from $125.00 to $122.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 24th. Finally, BTIG Research restated a "buy" rating and issued a $125.00 price objective on shares of Viking Therapeutics in a research report on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $86.42.

Viking Therapeutics Stock Performance

The company has a 50 day moving average of $29.25 and a 200 day moving average of $27.95. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of -21.16 and a beta of 0.64.

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

Hedge Funds Weigh In On Viking Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in VKTX. Norges Bank purchased a new position in shares of Viking Therapeutics in the 2nd quarter valued at about $46,846,000. Cubist Systematic Strategies LLC boosted its stake in shares of Viking Therapeutics by 6,315.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 596,650 shares of the biotechnology company's stock valued at $15,811,000 after buying an additional 587,350 shares during the period. Duquesne Family Office LLC purchased a new position in shares of Viking Therapeutics in the 2nd quarter valued at about $14,556,000. Jump Financial LLC acquired a new stake in shares of Viking Therapeutics during the 2nd quarter worth about $12,201,000. Finally, Nuveen LLC acquired a new stake in shares of Viking Therapeutics during the 1st quarter worth about $9,283,000. Hedge funds and other institutional investors own 76.03% of the company's stock.

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.

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