Viking Therapeutics price target lowered to $70 from $120 at Maxim

Maxim lowered the firm’s price target on Viking Therapeutics (VKTX) to $70 from $120 and keeps a Buy rating on the shares after the company’s wider than expected Q4 EPS loss. The overall GLP-1/obesity market has evolved significantly in the last couple of years as there are now multiple players in the space developing assets, many of which can be considered the “me too” products, while the commercial and reimbursement landscape has also evolved significantly as Eli Lilly’s (LLY) and Novo Nordisk’s (NVO) assets have gained traction, the analyst tells investors in a research note. Maxim adds that while it continues to believe Viking has a potential “best-in-class” compound, the market opportunity for Viking may have shifted.