Viking Therapeutics (VKTX) Stock Price Down 6.4% Following Analyst Downgrade

Shares of Viking Therapeutics Inc (NASDAQ:VKTX) were down 6.4% during trading on Thursday after Raymond James lowered their price target on the stock from $43.00 to $40.00. Raymond James currently has a strong-buy rating on the stock. Viking Therapeutics traded as low as $7.51 and last traded at $7.72. Approximately 5,229,504 shares changed hands during mid-day trading, an increase of 82% from the average daily volume of 2,875,690 shares. The stock had previously closed at $8.25.

Several other research firms have also recently commented on VKTX. BidaskClub upgraded Viking Therapeutics from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. William Blair reiterated an “outperform” rating on shares of Viking Therapeutics in a report on Thursday. Svb Leerink initiated coverage on Viking Therapeutics in a report on Friday, February 22nd. They set a “mkt perform” rating for the company. Leerink Swann initiated coverage on Viking Therapeutics in a report on Friday, February 22nd. They set a “market perform” rating and a $10.00 target price for the company. Finally, Maxim Group decreased their target price on Viking Therapeutics from $28.00 to $20.00 and set a “buy” rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $22.88.

Several large investors have recently modified their holdings of the company. FMR LLC purchased a new stake in shares of Viking Therapeutics during the 3rd quarter worth about $125,858,000. BlackRock Inc. grew its holdings in shares of Viking Therapeutics by 22.4% during the 4th quarter. BlackRock Inc. now owns 4,099,406 shares of the biotechnology company’s stock worth $31,361,000 after purchasing an additional 749,505 shares during the period. Vanguard Group Inc. grew its holdings in shares of Viking Therapeutics by 21.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,877,287 shares of the biotechnology company’s stock worth $50,123,000 after purchasing an additional 508,097 shares during the period. Vanguard Group Inc grew its holdings in shares of Viking Therapeutics by 21.4% during the 3rd quarter. Vanguard Group Inc now owns 2,877,287 shares of the biotechnology company’s stock worth $50,123,000 after purchasing an additional 508,097 shares during the period. Finally, Park West Asset Management LLC boosted its holdings in Viking Therapeutics by 31.8% in the 4th quarter. Park West Asset Management LLC now owns 1,672,507 shares of the biotechnology company’s stock worth $12,794,000 after acquiring an additional 403,400 shares during the period. Institutional investors and hedge funds own 65.69% of the company’s stock.

The firm has a market capitalization of $570.25 million, a price-to-earnings ratio of -9.77 and a beta of 2.73.

Viking Therapeutics (NASDAQ:VKTX) last released its quarterly earnings results on Wednesday, March 13th. The biotechnology company reported ($0.07) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.03. On average, equities research analysts anticipate that Viking Therapeutics Inc will post -0.43 earnings per share for the current year.

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About Viking Therapeutics (NASDAQ:VKTX)

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.

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