Viking Therapeutics (NASDAQ: VKTX) stock skyrocketed following the release of promising Phase 2 data from its obesity study.
Viking Therapeutics (VKTX) has just revealed promising outcomes from its Phase 2 clinical trial of VK2735, a potential breakthrough in the treatment of obesity and metabolic disorders. This innovative medicine works by targeting two key receptors in the body known as GLP-1 and GIP.
The company reported that its Phase 2 VENTURE trial met primary and secondary endpoints. Patients given VK2735 showed significant reductions in body weight compared to placebo.
Moreover, VKTX underscored the safety and tolerability of VK2735 treatment, signaling a favorable profile for potential patients. Viking now plans to engage with the FDA to discuss the next stages in VK2735’s development.
Analysts at Truist, in response to these groundbreaking results, have reaffirmed their Buy rating on Viking, citing the data as “very impressive,” with a placebo-adjusted weight loss of 13.1% in just 13 weeks of dosing.
They added,
“Furthermore, tolerability is in line with discontinuation from treatment comparable to placebo group. We view the data as a best-case scenario and expect shares to be very strong today in trading.”
Viking Therapeutics (NASDAQ: VKTX) Stock Performance
VKTX stock shot up 121.02% to close at $85.05 on Tuesday. The traders had exchanged hands with 58,021,148 (58.02 million) shares compared to the average daily trading volume of 3.27 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
