B. Riley Initiates Coverage on Viking Therapeutics with Buy

A recent report reveals that B. Riley Securities has initiated coverage of Viking Therapeutics with a 'Buy' recommendation, highlighting growing fund sentiment and increased institutional ownership, which may positively influence stock prices.

Date: 24-11-2024

AI Rating: 7

The report reveals a positive outlook on Viking Therapeutics following B. Riley Securities' initiation of coverage with a 'Buy' recommendation. This endorsement may bolster investor confidence and potentially drive stock prices higher.

Furthermore, there has been a notable increase in fund sentiment, with 820 funds or institutions reporting positions in Viking Therapeutics, reflecting a 9.19% rise in ownership over the last quarter. This growing interest suggests increasing institutional confidence in the company.

Additionally, total shares owned by institutions increased by 2.27% in the last three months to 96,432K shares. The rise in the average portfolio weight dedicated to Viking Therapeutics from 0.23% to 0.26%, which represents a 13.31% increase, further underpins this trend.

Specific institutional movements illustrate varied approaches towards the company:

BlackRock: Now holds 5,380K shares (4.83% ownership), a 12% decrease from the previous ownership. This may indicate a slight shift in their investment strategy.
Fidelity Growth Company Fund: Increased its shares to 3,737K (3.35%), a 1.30% increase, although with a decreased allocation of 0.20%.
XBI - SPDR S&P Biotech ETF: Made a significant increase of 69.35%, boosting ownership to 3,472K shares (3.12%), which could positively influence the stock price.
Vanguard Total Stock Market Index Fund: Increased holdings to 3,319K shares (2.98%), but decreased their portfolio allocation by 31.12%, which may reflect caution.
Vanguard Small-Cap Index Fund: Increased its stake significantly by 53.38% to 2,632K shares (2.36%), which could also represent positive sentiment towards the company's future.

Overall, the data from the report suggests a slightly bullish sentiment toward Viking Therapeutics, particularly due to the heightened institutional investment and the positive recommendation from a credible analyst.

Stocks: 0VQA