Viking Therapeutics (NASDAQ:VKTX) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Viking Therapeutics from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $96.62.
• Shares opened at $35.98 and were reported up 7.8%; the company recently exceeded quarterly loss expectations, posting adjusted EPS of ($1.10) versus the consensus estimate of ($1.21).
• Viking insiders sold approximately $6.27 million in stock over the past 90 days, primarily to cover tax obligations tied to equity awards, while institutional investors own 76.03% of the company.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

VKTX has been the topic of a number of other reports. Canaccord Genuity Group upped their price target on shares of Viking Therapeutics from $107.00 to $114.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. BTIG Research reissued a "buy" rating and issued a $125.00 price objective on shares of Viking Therapeutics in a research report on Friday, May 1st. Weiss Ratings restated a "sell (d-)" rating on shares of Viking Therapeutics in a research note on Friday, July 17th. Morgan Stanley set a $95.00 target price on shares of Viking Therapeutics in a research note on Thursday, April 30th. Finally, Truist Financial started coverage on Viking Therapeutics in a report on Wednesday, May 27th. They issued a "buy" rating and a $83.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Viking Therapeutics Trading Up 7.8%

Viking Therapeutics stock opened at $35.98 on Tuesday. Viking Therapeutics has a 12-month low of $22.96 and a 12-month high of $43.15. The firm has a 50-day moving average price of $35.07 and a 200-day moving average price of $33.09. The firm has a market capitalization of $4.20 billion, a PE ratio of -7.72 and a beta of 0.69.

Viking Therapeutics (NASDAQ:VKTX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported ($1.10) earnings per share for the quarter, topping analysts' consensus estimates of ($1.21) by $0.11. The company's quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.58) earnings per share. As a group, sell-side analysts predict that Viking Therapeutics will post -4.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Viking Therapeutics

In other Viking Therapeutics news, CEO Brian Lian sold 148,517 shares of the company's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $33.32, for a total value of $4,948,586.44. Following the sale, the chief executive officer directly owned 2,572,441 shares of the company's stock, valued at approximately $85,713,734.12. This represents a 5.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Greg Zante sold 21,217 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $33.47, for a total value of $710,132.99. Following the sale, the chief financial officer directly owned 212,204 shares in the company, valued at approximately $7,102,467.88. This trade represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 187,951 shares of company stock worth $6,268,442. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Viking Therapeutics

Several institutional investors have recently bought and sold shares of the business. Timothy G. Youngquist 2020 Irrevocable Trust raised its holdings in shares of Viking Therapeutics by 141.6% during the second quarter. Timothy G. Youngquist 2020 Irrevocable Trust now owns 271,849 shares of the biotechnology company's stock valued at $10,605,000 after acquiring an additional 159,349 shares during the last quarter. Cornerstone Capital Inc. purchased a new position in shares of Viking Therapeutics in the second quarter valued at approximately $3,334,000. Concurrent Investment Advisors LLC boosted its stake in shares of Viking Therapeutics by 1,624.0% in the fourth quarter. Concurrent Investment Advisors LLC now owns 281,052 shares of the biotechnology company's stock worth $9,887,000 after acquiring an additional 264,750 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Viking Therapeutics by 18.0% in the first quarter. Dimensional Fund Advisors LP now owns 542,516 shares of the biotechnology company's stock worth $17,653,000 after acquiring an additional 82,941 shares during the last quarter. Finally, Channel Wealth LLC purchased a new stake in shares of Viking Therapeutics during the fourth quarter worth approximately $2,655,000. 76.03% of the stock is owned by institutional investors and hedge funds.

About Viking Therapeutics

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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