SAN DIEGO - Viking Therapeutics, Inc. (NASDAQ: NASDAQ:VKTX) today announced positive outcomes from its Phase 1 clinical trial of VK2735, an oral medication being developed for obesity treatment. The study revealed that after 28 days of treatment, subjects experienced up to 5.3% weight loss from baseline, and up to 3.3% when adjusted for placebo effects.
The trial, which tested multiple ascending doses of VK2735, a dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors, showed dose-dependent reductions in body weight. An exploratory analysis suggested that a longer treatment duration could lead to further weight loss.
Safety was also a highlight, with the drug being well-tolerated and most gastrointestinal-related adverse events reported as mild. No serious adverse events were reported. This favorable safety profile is significant as gastrointestinal side effects are common with weight loss medications.
Based on these results, Viking plans to initiate a Phase 2 trial in obesity in the second half of 2024, hoping to explore the potential for higher doses and extended treatment periods.
The Phase 1 trial was a randomized, double-blind, placebo-controlled study in healthy adults with a minimum body mass index of 30 kilograms per meter squared. The primary goal was to evaluate the drug's safety and tolerability, with secondary measures assessing changes in body weight and other metrics.
Viking's CEO, Brian Lian, Ph.D., expressed optimism about VK2735's potential as an oral treatment option for obesity, noting its early weight loss efficacy and tolerability. The company aims to provide a new therapeutic option that could improve patients' lives.
The company also mentioned that the information is based on a press release statement and that a conference call to discuss the trial results was scheduled for today at 8:00 a.m. Eastern Time.
Viking Therapeutics specializes in developing novel therapies for metabolic and endocrine disorders, with a focus on leveraging its metabolic expertise to create innovative treatments. Along with VK2735, Viking is advancing other compounds in clinical trials, including VK2809 for lipid and metabolic disorders and VK0214 for X-linked adrenoleukodystrophy (X-ALD).
InvestingPro Insights
Viking Therapeutics (NASDAQ: VKTX) has recently shared promising results from its Phase 1 clinical trial of VK2735, highlighting the company's potential in the obesity treatment market. As investors evaluate Viking's prospects, certain financial metrics and expert insights from InvestingPro are worth considering.
The company's market capitalization stands at $7.57 billion, reflecting significant investor interest in its innovative treatments. However, it's important to note that Viking Therapeutics is currently trading at a high Price / Book multiple of 21.72, which indicates that the market values the company's assets quite optimistically relative to its book value. This optimism could be attributed to the company's recent clinical successes and future potential.
Despite the clinical advancements, Viking Therapeutics has not been profitable over the last twelve months, with an operating income of -$100.83 million. This is consistent with one of the InvestingPro Tips, which suggests that analysts do not anticipate the company will be profitable this year. The company's P/E Ratio stands at -76.92, reinforcing the notion that investors are likely looking beyond current earnings and betting on the company's future growth.
On a more positive note, Viking has demonstrated a strong return over the last year, with a 1 Year Price Total Return of 681.81%. This remarkable performance is supported by the InvestingPro Tip highlighting the company's high return over the last decade, suggesting a sustained investor confidence in the long-term prospects of Viking Therapeutics.
For readers interested in a deeper dive into Viking Therapeutics' financials and additional insights, there are 13 more InvestingPro Tips available, which could offer valuable guidance on the company's volatility, gross profit margins, and debt levels. To explore these insights, visit InvestingPro and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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