BTIG says Viking Therapeutics’ stock weakness ‘unwarranted’

BTIG analyst Justin Zelin favorably views Viking Therapeutics’ 52-week histology NASH data from the Phase 2 VOYAGE study, doubling Rezdiffra’s efficacy and clear advantages on safety with a more potent candidate offering an excellent and potential best-in-class profile in the NASH market, with stock weakness being “unwarranted, and overdone.” The firm notes Viking is trading down about 10%, which it attributes to overall investor concerns around timing and likelihood of partnerships for Viking in the large Obesity and NASH markets, with the move a “sell the news” event. BTIG sees concern around a dose response not being a strong critique with high response rates across dose groups and natural variability from differing enrollment across doses and QD vs. QOD dosing. The firm has a Buy rating on the shares with a price target of $125.