Viking Therapeutics (NASDAQ:VKTX) Shares Up 7% – Here’s What Happened

Shares of Viking Therapeutics, Inc. (NASDAQ:VKTX) rose 7% during trading on Tuesday . The stock traded as high as $41.30 and last traded at $41.4070. Approximately 1,254,491 shares changed hands during trading, a decline of 53% from the average daily volume of 2,680,370 shares. The stock had previously closed at $38.71.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VKTX. BTIG Research restated a “buy” rating and issued a $125.00 price objective on shares of Viking Therapeutics in a report on Friday, May 1st. HC Wainwright reaffirmed a “buy” rating and set a $102.00 target price on shares of Viking Therapeutics in a report on Monday, March 23rd. Cantor Fitzgerald lowered their price target on shares of Viking Therapeutics from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Wolfe Research started coverage on shares of Viking Therapeutics in a research note on Thursday, March 26th. They issued a “peer perform” rating for the company. Finally, Morgan Stanley set a $95.00 price target on shares of Viking Therapeutics in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.60.

Viking Therapeutics Price Performance

The stock has a market cap of $4.78 billion, a PE ratio of -9.95 and a beta of 0.66. The business has a 50 day moving average price of $32.04 and a two-hundred day moving average price of $32.69.

Viking Therapeutics (NASDAQ:VKTX) last issued its earnings results on Thursday, April 30th. The biotechnology company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($1.01) by ($0.36). During the same period in the prior year, the firm earned ($0.41) EPS. On average, sell-side analysts forecast that Viking Therapeutics, Inc. will post -4.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Viking Therapeutics

A number of hedge funds have recently modified their holdings of VKTX. Raleigh Capital Management Inc. boosted its holdings in shares of Viking Therapeutics by 58.0% during the fourth quarter. Raleigh Capital Management Inc. now owns 945 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 347 shares during the period. Ballast Advisors LLC purchased a new position in Viking Therapeutics during the 1st quarter valued at about $33,000. Quattro Advisors LLC purchased a new position in Viking Therapeutics during the 4th quarter valued at about $37,000. Fifth Third Bancorp increased its holdings in Viking Therapeutics by 169.2% during the 4th quarter. Fifth Third Bancorp now owns 1,077 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 677 shares during the period. Finally, Lodestone Wealth Management LLC bought a new position in Viking Therapeutics during the 4th quarter valued at approximately $39,000. Hedge funds and other institutional investors own 76.03% of the company’s stock.

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.