Viking Therapeutics (VKTX) shares traded down ~20% following the Phase 2 interim data of pemvidutide announced by Altimmune (ALT), a competing GLP-1/glucagon program in obesity, Stifel tells investors in a research note. The firm believes this reaction is undeserved due to it being a different compound altogether. Further, Stifel argues a better benchmark for comparison is Eli Lilly’s (LLY) Mounjaro. Viking’s VK2735 is approaching Phase 1b SAD/MAD data before the end of Q1, which the firm believes will serve to set safety/tolerability expectations and elucidate points of differentiation. Stifel reiterated a Buy rating and a $22 price target on the stock.
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