Why Viking Therapeutics Stock Was Rocketing Higher This Week
Investors are very eager to buy into biotechs and pharmaceuticals that are involved in developing weight-loss medications. This is why Viking Therapeutics (NASDAQ: VKTX), which has such a drug in its pipeline, has been a popular stock lately.
Over the past few trading days, Viking has made many investors richer; according to data compiled by S&P Global Market Intelligence, as of early Friday morning, it was up nearly 18% week-to-date. Some encouraging clinical results for the drug helped power the stock higher, as did analyst price target increases.
On Tuesday, Viking provided details of a phase 1 study of that weight-loss drug, currently tagged VK2735. The biotech reported that patients in the study who received tablets of the drug achieved noticeable weight loss after 28 days. The medication was also deemed safe and well tolerated; side effects were mild to moderate. The company aims to advance the drug to a phase 2 trial.
Source Fool.com
