Jennison Associates LLC Purchases Shares of 545,400 Viking Therapeutics Inc (VKTX)

Jennison Associates LLC purchased a new position in shares of Viking Therapeutics Inc (NASDAQ:VKTX) in the third quarter, Holdings Channel reports. The fund purchased 545,400 shares of the biotechnology company’s stock, valued at approximately $9,501,000.

A number of other hedge funds have also made changes to their positions in the business. Wells Fargo & Company MN boosted its position in Viking Therapeutics by 12.0% during the 3rd quarter. Wells Fargo & Company MN now owns 65,810 shares of the biotechnology company’s stock worth $1,146,000 after acquiring an additional 7,037 shares during the period. First Mercantile Trust Co. bought a new stake in shares of Viking Therapeutics in the 3rd quarter worth $131,000. Janney Montgomery Scott LLC bought a new stake in shares of Viking Therapeutics in the 2nd quarter worth $114,000. Strs Ohio bought a new stake in shares of Viking Therapeutics in the 2nd quarter worth $120,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Viking Therapeutics in the 2nd quarter worth $129,000. Institutional investors own 62.34% of the company’s stock.

A number of research firms have recently commented on VKTX. BidaskClub downgraded Viking Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 13th. HC Wainwright set a $28.00 price objective on Viking Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, September 18th. Maxim Group reissued a “buy” rating and issued a $28.00 price objective on shares of Viking Therapeutics in a research note on Thursday, November 8th. SunTrust Banks boosted their price objective on Viking Therapeutics to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, September 19th. Finally, William Blair reissued a “buy” rating on shares of Viking Therapeutics in a research note on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $28.00.

VKTX opened at $12.17 on Monday. Viking Therapeutics Inc has a one year low of $2.53 and a one year high of $24.00. The firm has a market capitalization of $869.67 million, a PE ratio of -15.41 and a beta of 2.92.

Viking Therapeutics (NASDAQ:VKTX) last announced its earnings results on Friday, November 9th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. On average, research analysts forecast that Viking Therapeutics Inc will post -0.42 earnings per share for the current fiscal year.

In other news, major shareholder Ligand Pharmaceuticals Inc sold 262,881 shares of the business’s stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $19.15, for a total transaction of $5,034,171.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.90% of the stock is owned by insiders.

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Viking Therapeutics Company Profile

Viking Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of novel therapies for metabolic and endocrine disorders. Its lead clinical program, VK5211, is an orally available, non-steroidal selective androgen receptor modulator in Phase II development for the treatment of patients recovering from non-elective hip fracture surgery; in Phase I clinical trials for improving lean body mass; and in pre-clinical trial for improving bone mineral density, bone mineral content, bone strength, and other measures.

Further Reading: What is a closed-end mutual fund (CEF)?

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Institutional Ownership by Quarter for Viking Therapeutics (NASDAQ:VKTX)

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