Viking Therapeutics (NASDAQ:VKTX) Shares Gap Down – Here’s Why

Viking Therapeutics, Inc. (NASDAQ:VKTX) gapped down prior to trading on Thursday . The stock had previously closed at $23.60, but opened at $22.04. Viking Therapeutics shares last traded at $22.75, with a volume of 1,396,744 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on VKTX. Maxim Group dropped their price objective on shares of Viking Therapeutics from $120.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. The Goldman Sachs Group initiated coverage on Viking Therapeutics in a research note on Tuesday, April 8th. They set a “neutral” rating and a $30.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $102.00 target price on shares of Viking Therapeutics in a research note on Wednesday, March 26th. Citigroup started coverage on shares of Viking Therapeutics in a research report on Friday, February 7th. They set a “neutral” rating and a $38.00 price target for the company. Finally, Raymond James upped their target price on shares of Viking Therapeutics from $122.00 to $125.00 and gave the stock a “strong-buy” rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.75.

Viking Therapeutics Stock Performance

The stock has a 50 day moving average of $27.19 and a two-hundred day moving average of $42.54. The stock has a market cap of $2.63 billion, a PE ratio of -23.50 and a beta of 0.84.

Viking Therapeutics (NASDAQ:VKTX) last issued its quarterly earnings results on Wednesday, February 5th. The biotechnology company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.05). During the same quarter last year, the firm posted ($0.25) EPS. Analysts expect that Viking Therapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Sarah Kathryn Rouan bought 1,240 shares of the firm’s stock in a transaction on Monday, March 31st. The stock was bought at an average price of $24.15 per share, with a total value of $29,946.00. Following the purchase, the director now directly owns 1,240 shares of the company’s stock, valued at approximately $29,946. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of VKTX. Norges Bank bought a new position in Viking Therapeutics during the fourth quarter valued at approximately $51,464,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Viking Therapeutics by 446.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,357,241 shares of the biotechnology company’s stock valued at $54,615,000 after purchasing an additional 1,108,972 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Viking Therapeutics by 228.5% in the fourth quarter. Ameriprise Financial Inc. now owns 1,479,596 shares of the biotechnology company’s stock worth $59,540,000 after purchasing an additional 1,029,125 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Viking Therapeutics during the fourth quarter worth $24,888,000. Finally, Man Group plc lifted its position in shares of Viking Therapeutics by 3,373.4% in the fourth quarter. Man Group plc now owns 448,732 shares of the biotechnology company’s stock worth $18,057,000 after buying an additional 435,813 shares during the last quarter. 76.03% of the stock is owned by institutional investors and hedge funds.

About Viking Therapeutics

Viking Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of novel therapies for metabolic and endocrine disorders. The company's lead drug candidate is VK2809, an orally available tissue and receptor-subtype selective agonist of the thyroid hormone receptor beta (TRß), which is in Phase IIb clinical trials to treat patients with biopsy-confirmed non-alcoholic steatohepatitis, as well as NAFLD.