The Manufacturers Life Insurance Company Purchases New Stake in Viking Therapeutics, Inc. $VKTX

The Manufacturers Life Insurance Company acquired a new position in Viking Therapeutics, Inc. (NASDAQ:VKTX) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 32,428 shares of the biotechnology company’s stock, valued at approximately $1,265,000.

A number of other institutional investors have also recently bought and sold shares of the business. Timothy G. Youngquist 2020 Irrevocable Trust increased its holdings in shares of Viking Therapeutics by 141.6% in the 2nd quarter. Timothy G. Youngquist 2020 Irrevocable Trust now owns 271,849 shares of the biotechnology company’s stock valued at $10,605,000 after purchasing an additional 159,349 shares during the period. Cornerstone Capital Inc. purchased a new stake in shares of Viking Therapeutics in the second quarter worth approximately $3,334,000. BlackRock Inc. acquired a new stake in shares of Viking Therapeutics during the second quarter worth approximately $241,458,000. Dimensional Fund Advisors LP grew its position in Viking Therapeutics by 18.0% during the first quarter. Dimensional Fund Advisors LP now owns 542,516 shares of the biotechnology company’s stock valued at $17,653,000 after purchasing an additional 82,941 shares in the last quarter. Finally, Channel Wealth LLC purchased a new position in Viking Therapeutics during the fourth quarter valued at approximately $2,655,000. 76.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VKTX has been the subject of a number of research analyst reports. Lake Street Capital initiated coverage on shares of Viking Therapeutics in a research report on Thursday, May 28th. They issued a “buy” rating and a $89.00 target price for the company. Zacks Research upgraded shares of Viking Therapeutics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. JPMorgan Chase & Co. dropped their price target on shares of Viking Therapeutics from $75.00 to $65.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 11th. Truist Financial assumed coverage on Viking Therapeutics in a report on Wednesday, May 27th. They set a “buy” rating and a $83.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Viking Therapeutics in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.62.

Insider Activity at Viking Therapeutics

In other Viking Therapeutics news, COO Marianna Mancini sold 18,217 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $33.47, for a total transaction of $609,722.99. Following the transaction, the chief operating officer directly owned 422,760 shares of the company’s stock, valued at $14,149,777.20. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Greg Zante sold 21,217 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $33.47, for a total transaction of $710,132.99. Following the transaction, the chief financial officer directly owned 212,204 shares in the company, valued at $7,102,467.88. The trade was a 9.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 187,951 shares of company stock valued at $6,268,442. Insiders own 5.30% of the company’s stock.

Viking Therapeutics Stock Performance

Shares of VKTX opened at $34.87 on Friday. The firm has a market cap of $4.07 billion, a PE ratio of -7.48 and a beta of 0.69. The firm’s 50 day moving average price is $35.41 and its 200 day moving average price is $33.46. Viking Therapeutics, Inc. has a twelve month low of $22.96 and a twelve month high of $43.15.

Viking Therapeutics (NASDAQ:VKTX) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported ($1.10) EPS for the quarter, topping the consensus estimate of ($1.21) by $0.11. During the same quarter in the prior year, the company earned ($0.58) earnings per share. The firm’s revenue was up .0% compared to the same quarter last year. On average, sell-side analysts anticipate that Viking Therapeutics, Inc. will post -4.47 earnings per share for the current fiscal year.

Viking Therapeutics Profile

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.