Why Viking Therapeutics Stock Soared Today
Shares of Viking Therapeutics (NASDAQ: VKTX) soared 19.2% higher on Tuesday, after the company announced its third-quarter update. Viking reported a net loss of $6.6 million, or $0.11 per share, beating the consensus Wall Street estimate of a net loss of $0.13 per share. The biotech also provided an update on its pipeline candidates VK2809 and VK0214.
As Viking is a clinical-stage biotech, its financial results don't really matter all that much. The most important financial metric for Viking in the third quarter was its cash stockpile of $288.1 million, which puts the company in a good position to fund operations well into the future.
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Source Fool.com
