Viking Therapeutics (NASDAQ:VKTX) Stock Price Down 2.8%

Viking Therapeutics, Inc. (NASDAQ:VKTX)’s share price dropped 2.8% during trading on Wednesday . The company traded as low as $63.59 and last traded at $64.29. Approximately 2,761,863 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 4,700,863 shares. The stock had previously closed at $66.14.

Analysts Set New Price Targets

A number of analysts have recently issued reports on VKTX shares. Raymond James boosted their target price on Viking Therapeutics from $116.00 to $118.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Morgan Stanley began coverage on shares of Viking Therapeutics in a research note on Thursday, June 27th. They issued an “overweight” rating and a $105.00 target price on the stock. Truist Financial reaffirmed a “buy” rating and set a $120.00 price target on shares of Viking Therapeutics in a research report on Monday, June 17th. HC Wainwright reissued a “buy” rating and issued a $90.00 price objective on shares of Viking Therapeutics in a research report on Thursday, July 25th. Finally, StockNews.com raised Viking Therapeutics to a “sell” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $111.78.

Viking Therapeutics Stock Performance

The firm has a fifty day simple moving average of $54.98 and a 200-day simple moving average of $60.92. The company has a market capitalization of $7.13 billion, a PE ratio of -69.31 and a beta of 1.03.

Viking Therapeutics (NASDAQ:VKTX) last issued its quarterly earnings results on Wednesday, July 24th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.06. During the same quarter in the prior year, the business posted ($0.19) earnings per share. As a group, research analysts anticipate that Viking Therapeutics, Inc. will post -0.99 EPS for the current fiscal year.

Insider Activity

In related news, CEO Brian Lian sold 115,859 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $57.58, for a total value of $6,671,161.22. Following the completion of the sale, the chief executive officer now directly owns 2,354,927 shares of the company’s stock, valued at $135,596,696.66. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Marianna Mancini sold 18,026 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $57.13, for a total transaction of $1,029,825.38. Following the completion of the sale, the chief operating officer now owns 362,149 shares of the company’s stock, valued at approximately $20,689,572.37. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian Lian sold 115,859 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $57.58, for a total transaction of $6,671,161.22. Following the completion of the transaction, the chief executive officer now directly owns 2,354,927 shares in the company, valued at approximately $135,596,696.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 290,241 shares of company stock worth $17,786,475. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Viking Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in VKTX. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Viking Therapeutics by 22.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,337 shares of the biotechnology company’s stock worth $378,000 after buying an additional 3,698 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Viking Therapeutics by 47.4% in the 4th quarter. Handelsbanken Fonder AB now owns 22,700 shares of the biotechnology company’s stock worth $422,000 after acquiring an additional 7,300 shares during the period. New York State Common Retirement Fund lifted its position in Viking Therapeutics by 1.6% in the 4th quarter. New York State Common Retirement Fund now owns 39,321 shares of the biotechnology company’s stock valued at $732,000 after purchasing an additional 609 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in Viking Therapeutics during the 4th quarter valued at about $4,776,000. Finally, Victory Capital Management Inc. grew its position in Viking Therapeutics by 8.9% in the 4th quarter. Victory Capital Management Inc. now owns 37,500 shares of the biotechnology company’s stock worth $698,000 after purchasing an additional 3,049 shares during the last quarter. 76.03% of the stock is currently owned by institutional investors and hedge funds.

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.