Viking Therapeutics Inc (NASDAQ:VKTX)
Viking Therapeutics Inc (NASDAQ:VKTX) shares continued their strong upward trajectory today as the biotechnology firm’s stock rose over 25% in today’s trading to end the day at $2.60. Volume was heavy, almost ten times their normal daily average. The gains came in two waves, one right from the moment the market opened, and another buying wave began one hour before the market close.
A 2-day chart:
Viking Therapeutics Recent Developments
Viking Therapeutics Inc (NASDAQ:VKTX) is a clinical-stage biopharmaceutical company focused on the development of therapies for metabolic and endocrine disorders. On October 4, 2017 VKTX shares jumped almost 9% when the company announced positive top-line results from a 25-week proof-of-concept study of VK0214 in an in vivo model of X-linked adrenoleukodystrophy (X-ALD). X-ALD is a rare and often fatal metabolic disorder characterized by a breakdown in the protective barriers surrounding brain and nerve cells. X-ALD is estimated to occur in approximately 1 in 17,000 births. The results showed that 25 weeks of treatment with VK0214 led to robust effects on multiple very long chain fatty acids.
Performance for shares of Viking Therapeutics Inc (NASDAQ:VKTX) has been strong despite the lack of any sales – though that is not unusual for a clinical-stage biotechnology firm. Over the past year shares have risen over 126% and are up 134% for the past quarter. Today’s spike eclipsed the previous 52-week high of $2.44. In 2015 the company posted a per share loss of (-$3.68) but that shrank to a per share loss of (-$0.91) in 2016. However it should be noted that in 2016 the company diluted shareholder value. In 2015 there were 6.36 million shares outstanding and then in 2016 that number grew to 16.28 million.
Viking Therapeutics Inc (NASDAQ:VKTX) is covered by two analysts. Both rate VKTX shares as a “Strong Buy”.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.