BTIG analyst Justin Zelin notes that competitor Madrigal Pharmaceuticals (MDGL) announced highly anticipated top-line data from their Phase 3 MAESTRO-NASH trial evaluating THR-beta agonist Resmetirom in NASH, highlighting both primary endpoints of NASH resolution w/o fibrosis worsening and fibrosis improvement w/o NAS worsening met with strong statistical significance at both 80mg and 100mg with a well-tolerated safety profile. With Madrigal trading up 220% and Viking Therapeutics (VKTX) up 50% in sympathy, robust data are viewed as strongly de-risking for the mechanism and supportive of continued development of Viking’s VK2809, where the analyst expects primary endpoint data from the Phase 2 VOYAGE study in the first half of 2023. Zelin believes the data is "very positive" news for Viking Therapeutics and the NASH landscape, and awaits fully published data from Madrigal. He has a Buy rating on Viking’s stock with a price target of $20.
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