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Key Takeaways
- Viking Therapeutics shares more than doubled in value Tuesday after the biotech firm reported positive results from a study of its weight-loss treatment.
- The company said a Phase 2 trial of its VK2735 drug produced “statistically significant” reductions in body weight.
- Viking said it plans to discuss next steps in the drug’s development with federal regulators.
Viking Therapeutics (VKTX) shares more than doubled in value Tuesday, hitting an all-time high after the biotech firm reported a Phase 2 trial of its experimental obesity treatment VK2735 met its primary and secondary endpoints.
The company said patients who took the injectable VK2735 weekly had “statistically significant reductions in mean body weight after 13 weeks, ranging up to 14.3% from baseline.” The drug maker added that as many as 88% of those given VK2735 saw their weight drop 10% or more, versus 4% for those on a placebo.
CEO Brian Lian said patients in the study had “robust” weight reduction early in the study, and it continued throughout the study with no plateau, suggesting that further weight loss may be achieved if the dosing period is extended.
The company said it intends to meet with federal regulators to discuss next steps in the development of VK2735.
Lian said Viking will be doing further clinical development this year, and plans to release results of a Phase 1 study of an oral version of the medicine later this quarter.
Shares of Viking Therapeutics soared 121% Tuesday to finish at $85.05 per share. With Tuesday’s gains, they’ve more than quadrupled in value so far this year.