Connor Clark & Lunn Investment Management Ltd. Invests $20.70 Million in Viking Therapeutics, Inc. $VKTX

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Viking Therapeutics, Inc. (NASDAQ:VKTX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 530,607 shares of the biotechnology company’s stock, valued at approximately $20,699,000. Connor Clark & Lunn Investment Management Ltd. owned 0.45% of Viking Therapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Viking Therapeutics during the 2nd quarter worth $241,458,000. Ameriprise Financial Inc. grew its stake in shares of Viking Therapeutics by 41.8% during the third quarter. Ameriprise Financial Inc. now owns 2,092,840 shares of the biotechnology company’s stock worth $55,000,000 after purchasing an additional 616,526 shares in the last quarter. Two Sigma Investments LP increased its holdings in Viking Therapeutics by 58.7% in the third quarter. Two Sigma Investments LP now owns 2,085,487 shares of the biotechnology company’s stock valued at $54,807,000 after buying an additional 771,704 shares during the last quarter. Geode Capital Management LLC increased its holdings in Viking Therapeutics by 24.0% in the fourth quarter. Geode Capital Management LLC now owns 1,994,509 shares of the biotechnology company’s stock valued at $70,183,000 after buying an additional 385,903 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Viking Therapeutics by 536.3% in the fourth quarter. BNP Paribas Financial Markets now owns 992,695 shares of the biotechnology company’s stock valued at $34,923,000 after buying an additional 836,686 shares in the last quarter. 76.03% of the stock is owned by hedge funds and other institutional investors.

Viking Therapeutics Stock Performance

VKTX opened at $34.17 on Wednesday. The business’s 50-day simple moving average is $35.45 and its 200-day simple moving average is $33.21. Viking Therapeutics, Inc. has a one year low of $22.96 and a one year high of $43.15. The stock has a market capitalization of $3.99 billion, a P/E ratio of -7.33 and a beta of 0.69.

Viking Therapeutics (NASDAQ:VKTX) last announced its earnings results on Wednesday, July 29th. The biotechnology company reported ($1.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.21) by $0.11. The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the firm earned ($0.58) earnings per share. On average, equities research analysts forecast that Viking Therapeutics, Inc. will post -4.47 EPS for the current fiscal year.

Insider Activity

In related 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 completion of the sale, the chief executive officer owned 2,572,441 shares in the company, valued at $85,713,734.12. This represents a 5.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $33.47, for a total transaction of $609,722.99. Following the sale, the chief operating officer owned 422,760 shares of the company’s stock, valued at approximately $14,149,777.20. This represents a 4.13% decrease in their position. 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. Over the last ninety days, insiders sold 187,951 shares of company stock valued at $6,268,442. 5.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Viking Therapeutics in a research report on Friday, July 17th. Lake Street Capital assumed coverage on Viking Therapeutics in a research report on Thursday, May 28th. They set a “buy” rating and a $89.00 target price on the stock. Morgan Stanley set a $95.00 target price on Viking Therapeutics in a research report on Thursday, April 30th. Canaccord Genuity Group boosted their target price on Viking Therapeutics from $107.00 to $114.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded shares of Viking Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Viking Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $96.62.

Viking Therapeutics Company 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.