JPMorgan Chase & Co. Cuts Viking Therapeutics (NASDAQ:VKTX) Price Target to $65.00

Viking Therapeutics (NASDAQ:VKTX) had its price objective cut by JPMorgan Chase & Co. from $75.00 to $65.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

A number of other equities analysts have also commented on VKTX. BTIG Research reiterated a “buy” rating and set a $125.00 price target on shares of Viking Therapeutics in a report on Friday, May 1st. Truist Financial initiated 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. Canaccord Genuity Group raised their target price on Viking Therapeutics from $107.00 to $114.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Morgan Stanley set a $95.00 price target on Viking Therapeutics in a research report on Thursday, April 30th. Finally, Lake Street Capital started coverage on Viking Therapeutics in a research report on Thursday, May 28th. They set a “buy” rating and a $89.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $96.62.

Viking Therapeutics Stock Down 3.2%

Viking Therapeutics stock opened at $32.94 on Tuesday. The stock has a market cap of $3.84 billion, a PE ratio of -7.07 and a beta of 0.69. Viking Therapeutics has a 12-month low of $22.96 and a 12-month high of $43.15. The business’s 50-day moving average price is $34.64 and its two-hundred day moving average price is $33.00.

Viking Therapeutics (NASDAQ:VKTX) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported ($1.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.11. Viking Therapeutics’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.58) earnings per share. As a group, analysts expect that Viking Therapeutics will post -4.5 earnings per share for the current year.

Insider Transactions at Viking Therapeutics

In related news, CFO Greg Zante sold 21,217 shares of the business’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 completion of the sale, the chief financial officer directly owned 212,204 shares of the company’s stock, valued at $7,102,467.88. The trade was a 9.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Marianna Mancini sold 18,217 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $33.47, for a total value of $609,722.99. Following the transaction, the chief operating officer directly owned 422,760 shares in the company, valued at approximately $14,149,777.20. This trade represents a 4.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 187,951 shares of company stock valued at $6,268,442 in the last 90 days. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Viking Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its holdings in shares of Viking Therapeutics by 13.0% in the first quarter. Royal Bank of Canada now owns 347,716 shares of the biotechnology company’s stock valued at $8,396,000 after purchasing an additional 39,886 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Viking Therapeutics during the first quarter valued at about $230,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Viking Therapeutics by 1.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,028 shares of the biotechnology company’s stock worth $11,351,000 after purchasing an additional 6,696 shares during the last quarter. Prudential Financial Inc. purchased a new position in Viking Therapeutics during the second quarter worth about $196,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Viking Therapeutics by 29.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,109 shares of the biotechnology company’s stock worth $56,000 after purchasing an additional 481 shares in the last quarter. 76.03% of the stock is owned by institutional investors.

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.