Principal Financial Group Inc. Trims Holdings in Viking Therapeutics, Inc. $VKTX

Principal Financial Group Inc. lowered its position in shares of Viking Therapeutics, Inc. (NASDAQ:VKTX) by 9.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 514,002 shares of the biotechnology company’s stock after selling 51,064 shares during the quarter. Principal Financial Group Inc. owned approximately 0.45% of Viking Therapeutics worth $13,508,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Viking Therapeutics in the second quarter worth approximately $46,846,000. Ameriprise Financial Inc. grew its position in Viking Therapeutics by 4.1% in the second quarter. Ameriprise Financial Inc. now owns 1,476,314 shares of the biotechnology company’s stock valued at $39,122,000 after acquiring an additional 58,191 shares in the last quarter. Raymond James Financial Inc. grew its holdings in Viking Therapeutics by 27.0% during the 2nd quarter. Raymond James Financial Inc. now owns 822,278 shares of the biotechnology company’s stock valued at $21,790,000 after purchasing an additional 174,887 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of Viking Therapeutics by 52.8% during the second quarter. Frontier Capital Management Co. LLC now owns 638,204 shares of the biotechnology company’s stock valued at $16,912,000 after acquiring an additional 220,396 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in Viking Therapeutics by 6,315.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 596,650 shares of the biotechnology company’s stock valued at $15,811,000 after purchasing an additional 587,350 shares in the last quarter. 76.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Viking Therapeutics in a report on Wednesday, January 21st. B. Riley Financial raised Viking Therapeutics to a “strong-buy” rating in a report on Thursday, October 23rd. Morgan Stanley increased their price objective on shares of Viking Therapeutics from $98.00 to $102.00 and gave the stock an “overweight” rating in a report on Thursday, October 23rd. JPMorgan Chase & Co. cut their target price on Viking Therapeutics from $80.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday, October 24th. Finally, Cantor Fitzgerald set a $105.00 price target on shares of Viking Therapeutics in a research report on Thursday, October 23rd. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $89.36.

Viking Therapeutics Price Performance

Shares of VKTX opened at $28.75 on Wednesday. The company has a 50-day moving average of $33.62 and a two-hundred day moving average of $32.65. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -13.56 and a beta of 0.75. Viking Therapeutics, Inc. has a one year low of $18.92 and a one year high of $43.15.

Insider Activity

In other Viking Therapeutics news, CEO Brian Lian sold 233,409 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $32.96, for a total transaction of $7,693,160.64. Following the sale, the chief executive officer directly owned 2,499,291 shares of the company’s stock, valued at $82,376,631.36. The trade was a 8.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew W. Foehr sold 16,000 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $35.11, for a total value of $561,760.00. Following the completion of the sale, the director directly owned 132,036 shares of the company’s stock, valued at approximately $4,635,783.96. This trade represents a 10.81% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 364,731 shares of company stock valued at $12,053,627. 4.10% of the stock is currently owned by company insiders.

Viking Therapeutics 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.