H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Viking Therapeutics (NASDAQ: VKTX) today and set a price target of $28. The company’s shares opened today at $19.93.
Pantginis said:
“Valuation and risks to price target achievement. We reiterate our Buy rating and are increasing our price target to $28 from $15. We believe that we have been taking a stepwise approach to Viking’s valuation, even in the face of the positive MDGL data, which we believe VK2809 could be superior. To this end, our current valuation change is based primarily on: (1) adjustment to base year; (2) increasing our projected chance of success for (3) increasing our projected peak sales from $1.3 billion to $1.95 billion.”
According to TipRanks.com, Pantginis has currently no stars on a ranking scale of 0-5 stars, with an average return of -9.4% and a 34.2% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Iovance Biotherapeutics Inc.
Viking Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $19, a -4.6% downside from current levels. In a report released today, SunTrust Robinson also reiterated a Buy rating on the stock.
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Based on Viking Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.67 million. In comparison, last year the company had a GAAP net loss of $5.17 million.
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Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the development of novel therapies for patients suffering from metabolic and endocrine disorders. Its clinical program VK5211, treats patients recovering from non-elective hip fracture surgery. It also specializes in development of VK2809 and VK0214.
