SAN DIEGO—Zante Greg, the Chief Financial Officer of Viking Therapeutics, Inc. (NASDAQ:), executed a series of stock transactions on October 28, 2024, according to a recent filing. Greg sold a significant portion of the company’s common stock, amounting to a total value of approximately $10,089,164. The shares were sold at prices ranging from $74.559 to $81.4447.
In addition to the sales, Greg also acquired shares through stock options. These transactions involved acquiring a total of 94,001 shares, with prices for these acquisitions ranging from $4.68 to $8.52, totaling approximately $704,282.
Following these transactions, Greg’s direct ownership of Viking Therapeutics stock stands at 149,366 shares. These transactions were executed under a pre-established Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling stock to avoid potential conflicts of interest.
In other recent news, Viking Therapeutics has reported its third-quarter earnings for 2024, revealing a net loss of $24.9 million. The company’s cash and equivalents stood at $930 million, supporting its strategic plans for future clinical trials. Research and development expenses increased to $22.8 million, while general and administrative expenses rose to $13.8 million. BTIG maintained a Buy rating on Viking Therapeutics, with a focus on the upcoming presentation of higher dose oral VK2735 data at Obesity Week. The firm anticipates the commencement of Phase 2 studies for the oral VK2735 in the fourth quarter of 2024, along with a pivotal Phase 3 for the subcutaneous version of VK2735. Additionally, Viking Therapeutics has reported positive trial data for VK2735 and VK2809, with plans to advance VK2735 into Phase 3 and initiate a Phase 2 obesity study. The company is also preparing for an end of Phase 2 meeting with the FDA and is considering collaboration with larger pharmaceutical partners for the NASH program. These are recent developments in the company’s clinical trials and financial standing.
InvestingPro Insights
Viking Therapeutics’ recent stock transactions by CFO Zante Greg align with several key financial indicators and market trends. According to InvestingPro data, Viking Therapeutics boasts a substantial market capitalization of $8.34 billion, reflecting significant investor interest in the company’s potential.
The company’s stock has demonstrated remarkable performance, with InvestingPro Tips highlighting a strong return over the last month (20.92%) and an impressive year-to-date price total return of 300.43%. This aligns with Greg’s decision to sell a portion of his holdings, potentially capitalizing on the stock’s recent gains.
Despite these positive indicators, it’s worth noting that Viking Therapeutics is not currently profitable, with an adjusted operating income of -$133.97 million for the last twelve months as of Q3 2024. This is consistent with the InvestingPro Tip that analysts do not anticipate the company will be profitable this year.
Interestingly, Viking Therapeutics holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. These factors may contribute to the company’s ability to fund ongoing operations and research despite current unprofitability.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Viking Therapeutics, providing a deeper understanding of the company’s financial health and market position.
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