On Tuesday, Viking Therapeutics (NASDAQ:VKTX) experienced a significant surge in its stock value in pre-market trading, following the announcement of successful results from its Phase 2 VENTURE trial. The study focused on VK2735, the company's dual GLP-1/GIP receptor agonist for obesity treatment, and met both its primary and all secondary endpoints.
The trial demonstrated that VK2735 led to statistically significant reductions in body weight across all doses when compared to a placebo. The results were described as "impressive" by Truist Securities, highlighting a placebo-adjusted weight loss of 13.1% after just 13 weeks of treatment. Moreover, the tolerability of the drug was noted to be in line with the placebo group, based on the comparable rates of discontinuation from treatment.
In response to the positive trial outcomes, shares of Viking Therapeutics soared by 110%. This development had a notable impact on the market, as shares of its competitors, Novo Nordisk (NYSE:NYSE:NVO) and Eli Lilly & Co. (NYSE:NYSE:LLY), dipped by approximately 2%.
Truist Securities maintains a Buy rating on Viking Therapeutics, with a price target set at $38.00. The success of the VENTURE trial positions Viking Therapeutics favorably in the competitive landscape of obesity treatments, as the company progresses with its clinical development program.
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