Viking Therapeutics (NASDAQ:VKTX) stock is taking off on Monday without any news from the biopharmaceutical company.
Instead, it looks like holders of VKTX stock have Madrigal Pharmaceuticals (NASDAQ:MDGL) to thank for today’s gains. The company recently reported results from its Phase 3 clinical trial of resmetirom as a nonalcoholic steatohepatitis (NASH) treatment.
The big news here is that those results were positive, with both primary and secondary endpoints being met. In addition to that, the company’s drug was found to be safe and tolerable across the 52-week study.
Why This Matters for VKTX Stock
Viking Therapeutics is working on its own NASH treatment and rising alongside the positive Madrigal Pharmaceuticals news. The company’s currently holding a Phase 2b clinical trial of its own drug. This has traders buying up shares of VKTX stock today in hopes of a similar rally when its trial results come in.
With today’s news comes incredibly heavy trading of VKTX stock. As of this writing, more than 31 million shares of the company’s stock have changed hands. To put that in perspective, Viking’s daily average trading volume is closer to 785,000 shares.
VKTX stock is up 67.4% as of Monday morning and up 37.9% since the start of the year.
Investors seeking out more of the latest stock market news are going to want to stick around!
We’ve got all of the most recent stock stories traders need to know about on Monday! A few examples include what’s sending shares of Aerojet Rocketdyne (NYSE:AJRD) stock higher, what’s going on with Hexo (NASDAQ:HEXO) stock and why Tesla (NASDAQ:TSLA) shares are increasing. You can get up to speed on all of that news at the links below!
More Stock Market News for Monday
- AJRD Stock Alert: What to Know as L3Harris Technologies Acquires Aerojet Rocketdyne
- What Is Going On With HEXO Stock Today?
- Why Is Tesla (TSLA) Stock Up 3% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.