Viking Therapeutics (NASDAQ: VKTX) just gave shareholders a few more reasons to be excited for the future. With its shares soaring by a stunning 34% on July 25 thanks to second-quarter earnings, the bull thesis for its continued outperformance is stronger than ever.

It's clear now that the biotech has what it'll need to take on powerful competitors like Eli Lilly and Novo Nordisk. Here's why.

Viking's investment thesis just got stronger because it's demonstrating the value of its pipeline programs with good clinical data, while also spending very little relative to its reserves to make those results happen.

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Source Fool.com