Stock price movement
Viking Therapeutics (VKTX) stock closed at $7.98 on June 12, 2.70% higher than its previous close, 14.49% above its 52-week low of $6.97, and 66.75% below its 52-week high of $24. The company had a market capitalization of $565.38 million. The stock has mainly gained on news of NASH (nonalcoholic steatohepatitis) drug competitor CymaBay Therapeutics reporting discouraging Phase 2b results for its investigational PPARδ (peroxisome proliferator-activated receptor delta) agonist, seladelpar.
VK2809 growth prospects
Viking is exploring the use of its investigational small molecule thyroid hormone receptor agonist, VK2809, in NASH. Last September, the company reported positive top-line results for the drug in a Phase 2 trial in terms of improved liver fat and plasma lipid levels. At the International Liver Congress in April, the company presented new data on VK2809’s possible cardiovascular benefits.
Viking plans to file an investigational new drug application to commence a Phase 2b trial evaluating VK2809 in biopsy-confirmed NASH patients. The study is set to explore the effects of several dose strengths of the drug in NASH patients with F2 and F3 fibrosis.
Analysts expect Viking to report revenue of $21.90 million in fiscal 2021. At the end of the first quarter, the company had cash, cash equivalents, and marketable securities worth $298.7 million.