Manufacturers Life Insurance Company Increases Stake in Viking Therapeutics, Inc. (NASDAQ:VKTX)

The Manufacturers Life Insurance Company has increased its investment in Viking Therapeutics, Inc. (NASDAQ:VKTX) by 20.3% during the third quarter, according to reports from HoldingsChannel.com. After acquiring an additional 4,156 shares during this period, the company now holds a total of 24,630 shares in the biotech firm. The total value of their holdings in Viking Therapeutics stood at approximately $1,559,000 at the end of the last quarter.

Furthermore, other institutional investors and hedge funds have also been adjusting their positions in the company. Blue Trust Inc. made a new investment in Viking Therapeutics during the third quarter, investing around $26,000. Similarly, GAMMA Investing LLC increased its ownership in Viking Therapeutics by 124.6%, now owning 438 shares valued at about $28,000 after acquiring an additional 243 shares. Additionally, Gilliland Jeter Wealth Management LLC also purchased a new stake in the company, valued at roughly $32,000. Massmutual Trust Co. FSB ADV raised its stake in Viking Therapeutics by 84.3%, owning 553 shares worth about $35,000 after buying 253 more shares in the last quarter. Meeder Asset Management Inc. increased its stake by 140.8% in the second quarter, now holding 802 shares valued at $43,000 following the purchase of an additional 469 shares. Overall, hedge funds and institutional investors own 76.03% of Viking Therapeutics’ stock.

Analyst Ratings Update

Recently, analyst sentiments have varied regarding Viking Therapeutics. Oppenheimer reaffirmed an "outperform" rating, setting a target price of $138.00 per share on September 25th. Piper Sandler commenced coverage on Viking Therapeutics on December 2nd with an "overweight" rating and a target price of $74.00. William Blair reiterated their "outperform" rating also on November 20th. B. Riley initiated coverage on the firm with a "buy" rating and a target price of $109.00. Meanwhile, JPMorgan Chase & Co. started their coverage on the company on September 11th, giving it an "overweight" rating and an $80.00 target price. Currently, data from MarketBeat.com suggests that the stock holds an average rating of "Buy" with a consensus target price of $106.75, bolstered by eleven buy ratings and two strong buy ratings, though one analyst has rated it as a sell.

Insider Transactions

In other news regarding Viking Therapeutics, there have been significant insider transactions. CEO Brian Lian sold 216,130 shares on September 20th at an average price of $70.83, amounting to a transaction value of approximately $15.3 million. Post-sale, he owns 2,304,927 shares valued at about $163.3 million, reflecting an 8.57% decrease in his stake. Director J. Matthew Singleton also sold 10,300 shares the same day at an average price of $69.50, totaling about $715,850. After this transaction, he retains ownership of 9,500 shares worth approximately $660,250. Within the last ninety days, insiders have sold a total of 371,117 shares valued at around $27.1 million, and corporate insiders now account for 4.70% of the company's stock.

Current Stock Performance

As of the recent trading session on Wednesday, NASDAQ:VKTX opened at $47.85. The stock has experienced a 50-day simple moving average of $60.67 and a 200-day average of $58.75. It has a recorded 12-month low of $16.70 and a high of $99.41. Viking Therapeutics currently holds a market capitalization of $5.33 billion, a P/E ratio of -51.45, and a beta of 0.89.

Viking Therapeutics last reported its quarterly earnings on October 23rd, revealing a loss of $0.22 per share, which exceeded the analysts’ expectations of a $0.24 loss. This can be contrasted to the previous year’s similar quarterly report, where it posted a loss of $0.23 per share. Analysts anticipate that Viking Therapeutics, Inc. will achieve an EPS of -0.97 for the current fiscal year.

Company Overview

Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company that specializes in developing innovative therapies targeting metabolic and endocrine disorders. The company's lead candidate, VK2809, is designed to be an orally active selective agonist for the thyroid hormone receptor beta (TRß) and is currently undergoing Phase IIb clinical trials aimed at treating individuals with biopsy-confirmed non-alcoholic steatohepatitis, as well as non-alcoholic fatty liver disease.

Viking, Investment, Stocks