5 Best Biotech Stocks to Buy Under $10

03. Viking Therapeutics, Inc. (NASDAQ:VKTX)

Number of Hedge Fund Holders as of Q3, 2022: 18

Share Price as of December 19: $4.02

Viking Therapeutics, Inc. (NASDAQ:VKTX) is an American company that focuses on developing therapies for diseases involving the hormonal (endocrine) system and metabolism. The firm targets illnesses such as steatohepatitis, complications from surgery, and diabetes. It is located in San Diego, California.

Viking Therapeutics, Inc. (NASDAQ:VKTX) is developing a metabolic drug VK2735. Its phase-1 results are expected in early 2023. Target indications for VK2735 include NASH, diabetes, and obesity. According to experts, the global nonalcoholic steatohepatitis (NASH) market has the potential to reach up to $35 billion in the coming years. The stock has gained 43.24% value year to date. On December 20, Maxim analyst Naz Rahman raised his price target on Viking Therapeutics, Inc. (NASDAQ:VKTX) to $15 from $10 and kept a Buy rating on the shares.

Here is what Bumbershoot Holdings has to say about Viking Therapeutics, Inc. (NASDAQ:VKTX) in its Q4 2021 investor letter:

“While Viking Therapeutics (NASDAQ:VKTX) was down for the year—we were able to take advantage of a spike in price during February to moderately reduce/hedge our exposure and transfer some of the position over to Ligand Pharmaceuticals (NASDAQ:LGND)—Viking’s former parent company. Ligand still owns nearly 10% of Viking’s shares, to go along with its own compelling growth story. The combined Viking/Ligand position was a positive contributor to performance.”

Israel Englander’s Millennium Management is Viking Therapeutics, Inc. (NASDAQ:VKTX)’s largest investor. It owns 3.1 million shares that are worth $8.4 million. Alongwith Millenium Management, 16 other hedge funds were long ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) at the end of Q3. These funds collectively held stakes worth $33.52 million in the company.