Viking Therapeutics (NASDAQ:VKTX) Stock Crosses Below 50 Day Moving Average – Here’s What Happened

Shares of Viking Therapeutics, Inc. (NASDAQ:VKTX) passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $34.20 and traded as low as $28.01. Viking Therapeutics shares last traded at $29.56, with a volume of 3,211,560 shares changing hands.

Analyst Ratings Changes

VKTX has been the subject of several recent research reports. Zacks Research cut shares of Viking Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Canaccord Genuity Group lifted their price objective on Viking Therapeutics from $106.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, November 12th. Cantor Fitzgerald set a $105.00 price objective on Viking Therapeutics in a report on Thursday, October 23rd. Morgan Stanley increased their target price on Viking Therapeutics from $98.00 to $102.00 and gave the company an “overweight” rating in a research note on Thursday, October 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Viking Therapeutics from $80.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, October 24th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.14.

Viking Therapeutics Stock Performance

The firm has a market cap of $3.34 billion, a P/E ratio of -13.94 and a beta of 0.75. The stock’s 50-day moving average is $34.20 and its 200 day moving average is $32.79.

Insiders Place Their Bets

In other news, CEO Brian Lian sold 233,409 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $32.96, for a total transaction of $7,693,160.64. Following the sale, the chief executive officer owned 2,499,291 shares of the company’s stock, valued at $82,376,631.36. This trade represents a 8.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Greg Zante sold 57,661 shares of Viking Therapeutics stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $32.90, for a total value of $1,897,046.90. Following the transaction, the chief financial officer owned 189,891 shares in the company, valued at $6,247,413.90. This trade represents a 23.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 364,731 shares of company stock valued at $12,053,627 over the last ninety days. 4.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP raised its holdings in shares of Viking Therapeutics by 58.4% during the second quarter. Allworth Financial LP now owns 955 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 352 shares during the period. Glass Jacobson Investment Advisors llc bought a new position in Viking Therapeutics during the 2nd quarter worth about $28,000. Elevation Point Wealth Partners LLC bought a new position in Viking Therapeutics during the 2nd quarter worth about $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Viking Therapeutics in the 3rd quarter valued at about $30,000. Finally, Raleigh Capital Management Inc. raised its stake in shares of Viking Therapeutics by 58.0% in the 4th quarter. Raleigh Capital Management Inc. now owns 945 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 347 shares during the period. Institutional investors and hedge funds own 76.03% of the company’s stock.

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.