Yahoo Finance Here’s Why Viking Therapeutics (VKTX) Stock Skyrocketed in Q1
Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Growth—U.S. Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. During the first quarter, the micro-cap equities performed well. The strategy had a double-digit gain in the quarter, outperforming the Russell Microcap Growth Index benchmark, which rose 6.60%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Wasatch Micro Cap Growth—U.S. Strategy highlighted stocks like Viking Therapeutics, Inc. (NASDAQ:VKTX), in the first quarter 2024 investor letter. Viking Therapeutics, Inc. (NASDAQ:VKTX) is a clinical-stage biopharmaceutical company. The one-month return of Viking Therapeutics, Inc. (NASDAQ:VKTX) was -22.95%, and its shares gained 146.77% of their value over the last 52 weeks. On June 10, 2024, Viking Therapeutics, Inc. (NASDAQ:VKTX) stock closed at $52.020 per share with a market capitalization of $5.736 billion.
Wasatch Micro Cap Growth—U.S. Strategy stated the following regarding Viking Therapeutics, Inc. (NASDAQ:VKTX) in its first quarter 2024 investor letter:
"Viking Therapeutics, Inc. (NASDAQ:VKTX) also contributed during the quarter. A clinical-stage biopharmaceutical company, Viking develops therapies for metabolic and endocrine disorders. Shares of the company soared in February after its injectable weight-loss drug demonstrated best-in-class efficacy in a mid-stage clinical trial. A separate, early-stage trial testing the safety and tolerability of an orally administered version of the drug also yielded positive data. A successful oral treatment would be a game changer in a multibillion-dollar industry. We believe these results make Viking a potentially attractive target for acquisition by a larger organization."
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Viking Therapeutics, Inc. (NASDAQ:VKTX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Viking Therapeutics, Inc. (NASDAQ:VKTX) at the end of the first quarter which was 25 in the previous quarter. In the first quarter, Viking Therapeutics, Inc. (NASDAQ:VKTX) reported positive results from two of its major pipeline initiatives. While we acknowledge the potential of Viking Therapeutics, Inc. (NASDAQ:VKTX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Viking Therapeutics, Inc. (NASDAQ:VKTX) and shared Baron Opportunity Fund's views on the company in the previous quarter. Alger Small Cap Growth Fund also benefitted from the Viking Therapeutics, Inc. (NASDAQ:VKTX) stock’s recent rise. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
