Viking Therapeutics (NASDAQ:VKTX) Stock Passes Above Fifty Day Moving Average Following Analyst Downgrade

Viking Therapeutics, Inc. (NASDAQ:VKTX) shares crossed above its fifty day moving average during trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The stock has a fifty day moving average of $33.51 and traded as high as $38.08. Viking Therapeutics shares last traded at $37.95, with a volume of 1,786,337 shares.

A number of other research analysts have also commented on VKTX. HC Wainwright reissued a “buy” rating and set a $102.00 price objective on shares of Viking Therapeutics in a report on Monday, March 23rd. Zacks Research upgraded Viking Therapeutics from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Wolfe Research started coverage on Viking Therapeutics in a report on Thursday, March 26th. They set a “peer perform” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Viking Therapeutics in a report on Monday, April 20th. Finally, BTIG Research raised shares of Viking Therapeutics to a “strong-buy” rating in a research report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.60.

Institutional Trading of Viking Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its stake in Viking Therapeutics by 536.3% during the fourth quarter. BNP Paribas Financial Markets now owns 992,695 shares of the biotechnology company’s stock valued at $34,923,000 after acquiring an additional 836,686 shares during the period. Two Sigma Investments LP grew its holdings in shares of Viking Therapeutics by 58.7% during the 3rd quarter. Two Sigma Investments LP now owns 2,085,487 shares of the biotechnology company’s stock worth $54,807,000 after purchasing an additional 771,704 shares in the last quarter. Ameriprise Financial Inc. increased its position 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 valued at $55,000,000 after purchasing an additional 616,526 shares during the period. Cubist Systematic Strategies LLC increased its position in shares of Viking Therapeutics by 6,315.6% during the second 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 during the period. Finally, Artia Global Partners LP raised its stake in shares of Viking Therapeutics by 392.1% in the fourth quarter. Artia Global Partners LP now owns 719,365 shares of the biotechnology company’s stock valued at $25,307,000 after purchasing an additional 573,186 shares in the last quarter. Institutional investors and hedge funds own 76.03% of the company’s stock.

Viking Therapeutics Price Performance

The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of -8.55 and a beta of 0.66. The business has a 50 day moving average of $33.62 and a 200 day moving average of $32.91.

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

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.