UPDATE: Raymond James Downgrades Viking Therapeutic (VKTX) to Outperform
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Rating Summary:
13 Buy, 0 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 9 | Down: 5 | New: 4
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Raymond James analyst Steve Seedhouse downgraded Viking Therapeutic (NASDAQ: VKTX) from Strong Buy to Outperform with a price target of $12.00 (from $27.00).
The analyst comments "We are downgrading VKTX from Strong Buy to Outperform as a result of the recent NGM update that showed biomarkers don't always translate into histological benefit. Phase 2b study of VK2809 in NASH is expected to complete enrollment in 2H21 but 12W MRI-PDFF data may not come until 2022. Phase 1b PoC data from VK0214 in X-ALD could be available in 2021 but will depend on the timing of study initiation. Our price target of $12 (from $27) is supported by our DCF analysis (see Exhibit 10 on page 13). We reduced the price target as a result of lower probability of success for VK2809 in NASH (50% vs. 70% prior). We also reduced peak U.S. F2/F3 market penetration form 6% to 4.5%."
For an analyst ratings summary and ratings history on Viking Therapeutic click here. For more ratings news on Viking Therapeutic click here.
Shares of Viking Therapeutic closed at $5.87 yesterday.
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