Thursday, June 14, 2018 3:47:39 AM
What happened
Shares of development-stage biopharma Viking Therapeutics (NASDAQ: VKTX) jumped nearly 15% today because, well, that's become the new normal for the stock lately. Investors have been quick to hand the company a higher market cap since late May following two positive events concerning a high-priority research area of its pipeline. There's a catch, though: Both of those news items have been external developments, not involving the company directly.
Nonetheless, this week management wisely took advantage of a higher stock price to conduct a share offering that provided gross proceeds of $77.6 million. That's nearly double the cash balance of $36.3 million reported by the pre-revenue biopharma at the end of March -- and it'll be sorely needed to advance clinical programs in a maturing pipeline.
The biopharma stock has gained 150% in the last month alone. Most of it has come since the end of May, when Madrigal Pharmaceuticals announced promising results for its midstage drug candidate MGL-3196 as a potential treatment for nonalcoholic steatohepatitis (NASH). Viking Therapeutics has a midstage drug candidate for NASH, named VK2809, that works through a similar mechanism, so investors didn't waste time pushing the company's value higher.
A similar thing happened this week. Galmed Pharmaceuticals stock rose 250% in a single day when it released midstage results for its NASH drug candidate. That lifted shares of both Madrigal Pharmaceuticals and Viking Therapeutics.
Now what
While experimental NASH treatments have been hot commodities recently (and even in recent years, leading to several sizable acquisitions), it's important for investors to remember that larger trials still need to be conducted before these drugs can gain marketing approval from regulators.
In the case of Viking Therapeutics, it still hasn't even completed its own phase 2 trials, but has piggybacked on the positive results of its peers. That will soon change, as the company expects to release top-line results from its midstage NASH trial sometime in the second half of 2018. Until then, investors will have to wait for the results to confirm that their optimism isn't misplaced.
https://finance.yahoo.com/news/apos-why-viking-therapeutics-rose-200300080.html
GO VKTX
"PEACE"
Recent VKTX News
- Viking Therapeutics Reports First Quarter 2024 Financial Results and Provides Corporate Update • PR Newswire (US) • 04/24/2024 08:05:00 PM
- U.S. Futures Display Mixed Results Amid Earnings, WTI and Brent Crude Prices Dip in June Futures Trading • IH Market News • 04/24/2024 11:31:20 AM
- Viking Therapeutics to Report Financial Results for First Quarter 2024 on April 24, 2024 • PR Newswire (US) • 04/17/2024 08:05:00 PM
- Viking Therapeutics Announces Results from Phase 1 Clinical Trial of Oral Tablet Formulation of Dual GLP-1/GIP Receptor Agonist VK2735 • PR Newswire (US) • 03/26/2024 11:03:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 12:54:02 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 12:52:22 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 09:52:52 PM
- Viking Therapeutics Announces Closing of Public Offering of Common Stock Including Full Exercise of Underwriters' Option to Purchase Additional Shares • PR Newswire (US) • 03/04/2024 09:45:00 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/01/2024 09:13:40 PM
- Viking Therapeutics Announces Pricing of $550 Million Public Offering of Common Stock • PR Newswire (US) • 02/29/2024 01:50:00 AM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 02/27/2024 10:21:23 PM
- Viking Therapeutics Announces Proposed Public Offering of Common Stock • PR Newswire (US) • 02/27/2024 09:19:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 12:04:52 PM
- Viking Therapeutics Announces Positive Top-Line Results from Phase 2 VENTURE Trial of Dual GLP-1/GIP Receptor Agonist VK2735 in Patients with Obesity • PR Newswire (US) • 02/27/2024 12:03:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/10/2024 01:59:57 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/09/2024 09:01:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/09/2024 12:40:13 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/09/2024 12:38:45 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/08/2024 09:56:27 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/08/2024 09:33:26 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/07/2024 10:33:13 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/07/2024 10:24:07 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/07/2024 09:09:21 PM
- Viking Therapeutics Reports Fourth Quarter and Year-End 2023 Financial Results and Provides Corporate Update • PR Newswire (US) • 02/07/2024 09:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/01/2024 01:39:53 AM
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