Shares of biopharmaceutical company Viking Therapeutics (NASDAQ:VKTX) are soaring higher today after it posted promising results from the Phase 1 trial of VK2735 which is targeted for treating metabolic disorders such as obesity.
In the single ascending dose as well as multiple ascending dose legs of the study, VK2735 showed promising safety and tolerability. The drug demonstrated up to a 7.8% decrease in mean body weight. Further, VKTX plans to assess dose escalation of the drug in a Phase 2 study.
Separately, VKTX has also begun a Phase 1 study of VK2735’s oral formulation and expects results in the second half of this year.
Overall, Wall Street has a $19.67 consensus price target on VKTX pointing to a hefty 115.68% potential upside in the stock. That’s on top of a 193% surge in VKTX shares over the past 52 weeks.
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