Why Shares of Viking Therapeutics Skyrocketed This Week
Shares of Viking Therapeutics (NASDAQ: VKTX) were up 89.7% for the week as of Thursday afternoon, after being up as much as 95.5% for the week, according to data provided by S&P Global Market Intelligence. The move up was largely due to positive early trials information on its obesity therapy. The biotech stock closed last Friday at $8.85, then rose to as high as $17.30 on Thursday.
Viking, which focuses on treating metabolic and endocrine disorders, released phase 1 trial results for the subcutaneous use of its experimental drug VK2735 on Wednesday. In the trial of 88 patients, the therapy led to a 6% reduction in mean weight compared to a placebo.
Drugs that treat obesity have become a hot item, with Mounjaro, a diabetes drug from Eli Lilly, awaiting approval from the Food and Drug Administration (FDA) to treat obesity. Analysts have predicted Mounjaro, if approved to treat obesity, could be worth $25 billion a year or more in revenue.
Source Fool.com
