Viking Therapeutics Inc (NASDAQ: VKTX) is having a strong start to the trading session this morning. However, if you’re looking for press releases or SEC filings, you’ll likely be disappointed. There has been no news released. Nonetheless, there’s a good reason for the gains. The company was the center of an analyst upgrade, exciting investors and sending the stock screaming for the top. Today, we’ll talk about the upgrade, what we’re seeing from the stock, and what we’ll be watching for ahead.
VKTX Was Upgraded By Raymond James
As mentioned above, Viking Therapeutics is having a strong start to the trading session this morning, but no news has been released. Nonetheless, the reason for the gain has to do with an analyst upgrade.
This morning, Raymond James, a highly trusted firm, upgraded the stock, rating it as a strong buy. At the same time, the firm set a $43 price target on the stock. That price target represents a 354% potential up side.
The upgrade makes sense. The company is a biotechnology company in clinical phases. However, recent data from various clinical programs has been overwhelmingly promising. Not to mention, the company is moving through late phases in a couple of programs. As a result, the clinical stage company has the potential to become a commercial stage company relatively soon.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. When it comes to Viking Therapeutics, while the company didn’t release any news of its own, the upgrade was positive. So, it’s not surprising to see that excited investors are pushing the stock up in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (12:14), VKTX is trading at $12.14 per share after a gain of $0.50 per share or 4.26% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on VKTX. In particular, we’re keeping a close eye on VK2809, the company’s candidate for the treatment of NAFLD. The company recently reported Phase 2 data that was overwhelmingly positive. So, this candidate is showing some serious promise. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!