By Vlad Schepkov
"VK2735 knocks it out of the park with up to 6% PBO-Adj weight loss, good tolerability" - Truist Securities.
Truist Securities analysts reiterated a Buy rating and $28.00 price target on Viking Therapeutics (NASDAQ:VKTX), after the company today reported strong Phase 1 weight loss data for its drug candidate VK2735.
The analyst comments: "VKTX reported the much anticipated VK2735 Ph1 HV weight loss data reporting up to 6% placebo-adjusted weight loss. AEs were mostly mild-moderate on par with other GLP-1 and GLP-1/GIP dual agonists. One SAE of gallstone was reported in the VK2735 arm. We note gallstones are not uncommon in people with metabolic syndrome. Company plans to initiate Ph2 study in mid-2023, testing possibly even higher doses, given good tolerability."
"We view data today as best-case scenario for VKTX and could very well position VK2735 competitive to even tirzepatide (Mounjaro), a blockbuster drug for Eli Lilly (NYSE:LLY)."
Shares of VKTX are spiking nearly 50% following the announcement.