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The Rating
William Blair analyst Andy Hsieh initiated coverage on Viking Therapeutics Inc (NASDAQ:VKTX) with an Outperform rating.
The Thesis
Hsieh doesn't consider the stock reflective of the potential of VK2809 and VK5211.
“We are initiating coverage of Viking Therapeutics with an Outperform rating based on our view that the company’s wholly owned, differentiated assets—targeting significant unmet medical needs in the metabolic and endocrine space—are underappreciated by the Street,” Hsieh wrote in a note.
VK2809’s data, coupled with success in Madrigal Pharmaceuticals Inc (NASDAQ:MDGL)’s similar MGL-3196, is seen to validate the candidate’s potential.
“Based on its pleiotropic actions and benign safety profile, we believe VK2809 is uniquely positioned for treating fatty liver disease or nonalcoholic steatohepatitis,” Hsieh wrote.
At the same time, VK0214’s preclinical data indicated potential to treat an orphan neurodegenerative diseases, X-linked adrenoleukodystrophy.
VK2809 is expected to release Phase 2 data in the second half of this year, and Viking will also pursue partnership opportunities and consult the Food and Drug Administration about its VK5211.
Price Action
Shares of Viking Therapeutics closed Monday's session at $4.12, up 3.7 percent.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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