H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Viking Therapeutics (VKTX – Research Report) today and set a price target of $102.00.
Joseph Pantginis has given his Buy rating due to a combination of factors including Viking Therapeutics’ strong financial position and the promising outlook for its VK2735 program. Despite a reported EPS that was below estimates, the company maintains a robust cash reserve of $852 million, which positions it well for future developments.
The VK2735 program is expected to make significant progress, with Phase 3 trials for its subcutaneous formulation set to begin in the second quarter of 2025 for patients with obesity and type 2 diabetes. Additionally, the company has a strategic manufacturing agreement in place, which is crucial for the production of both oral and subcutaneous forms of VK2735. These developments, alongside the competitive landscape and recent data from other companies, suggest that Viking Therapeutics is well-positioned to differentiate itself in the market.
In another report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $100.00 price target.
Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VKTX in relation to earlier this year.