B.Riley Financial analyst Mayank Mamtani reiterated a Buy rating on Viking Therapeutics (VKTX – Research Report) yesterday and set a price target of $96.00.
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Mayank Mamtani has given his Buy rating due to a combination of factors related to Viking Therapeutics’ promising developments and strategic plans. The recent data from the Phase II trial of VK2735, a dual GLP1/GIP receptor agonist, showed impressive weight loss results, comparable to injectables, which sets it apart from other oral treatments. The ongoing VENTURE-Oral study is exploring even higher doses, which could enhance weight loss outcomes and improve gastrointestinal tolerability over a three-month period, thus increasing the drug’s potential market impact.
Furthermore, the company has made significant strides in securing manufacturing components for VK2735, which is crucial for its Phase III trials and commercial production. This forward-looking approach to manufacturing and supply agreements is expected to mitigate costs and ensure economic feasibility. Additionally, the potential expansion into other therapeutic areas like Alzheimer’s and MASH, coupled with cardiovascular outcome trials, reinforces the long-term value proposition of VK2735. These strategic moves and positive trial outcomes underpin Mamtani’s confidence in recommending a Buy rating for Viking Therapeutics.
In another report released yesterday, Raymond James also maintained a Buy rating on the stock with a $125.00 price target.
Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of VKTX in relation to earlier this year.