The Nasdaq-listed stock of Viking Therapeutics, Inc. (VKTX), a clinical-stage biopharmaceutical enterprise, reportedly jumped by more than 121% on Tuesday, 27 February 2024. This bullish trend followed the company’s announcement of the positive top-line results of its experimental weight loss drug, VK2735.
Viking Therapeutics’ weight loss drug boosts its share price
Companies such as Novo Nordisk (NVO) and Eli Lilly and Company (LLY) saw their respective share prices soar after successes with drugs such as Ozempic, Wegovy, and Mounjaro. This spurred smaller organisations, such as Viking, to test the anti-obesity market. Based on CNBC data, the obesity drug sector could total a value of roughly $100bn in 10 years.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
According to economists, larger outfits may move to buy out these smaller companies should they produce viable anti-obesity therapies. CNBC highlighted Pfizer as a potential acquirer, especially as it cancelled two of its own weight loss experimental drugs in 2023.
A total of 170 patients participated in the Viking trial. Those who received weekly doses of the injectable drug lost up to 14.7% of their body weight in a time span of 13 weeks.
Viking’s CEO Brian Lian commented:
Notably, robust weight loss compared with placebo was observed early across all doses evaluated in the VENTURE study, and continued throughout the treatment period in all treatment groups. No evidence of a plateau was observed at Week 13 for any VK2735 dose, suggesting further weight loss might be achieved from extended dosing periods.
Trial results such as these are certain to catch the attention of large pharmaceutical companies. Viking currently has a market value of just over $8.5bn.
