2024-03-04 05:58:00 ET
With shares of Viking Therapeutics (NASDAQ: VKTX) flying 555% higher in the last three months, at least one financial analyst is saying that it can go even higher. On Feb. 28, Oppenheimer 's Jay Olsen adjusted his price target from $46 to $116, which implies an upside of 36% from the stock's current price near $85.
A freshly priced stock offering closes on March 4 that will bring in an estimated $550 million on top of the $362 million in cash, equivalents, and investments it reported at the end of Q4. With that cash infusion, the biotech will soon have a rock-solid balance sheet . And, with some stellar data in hand from its phase 2 clinical trial for its VK2735 program to treat obesity, its path to commercializing its first medicine is clear.
However, it still isn't guaranteed, and it will take a while longer at best. Is the stock a buy at its current price level?
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1 Wall Street Analyst Thinks Viking Therapeutics Stock Is Going to $116. Is It a Buy Around $81?