Why Is Viking Therapeutics (VKTX) Stock Up 38% Today?

  • Viking Therapeutics (VKTX) stock is gaining alongside clinical trial news.
  • This comes as it initiates a Phase 1 clinical trial of VK2735.
  • This has shares of VKTX stock seeing heavy trading today.
VKTX Stock - Why Is Viking Therapeutics (VKTX) Stock Up 38% Today?

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Viking Therapeutics (NASDAQ:VKTX) stock is climbing higher on Tuesday after initiating a Phase 1 clinical trial of VK2735.

VK2735 is a dual glucagon-like peptide 1 (GLP-1) and “glucose-dependent insulinotropic polypeptide (GIP) receptor agonist.” It’s in development as a weight loss drug with a specific focus on those with Type 2 diabetes or obesity.

The first clinical trial has the company evaluating the safety and tolerability of VK2735 as a once-daily tablet over 28 days. Its secondary objective is measuring changes in body weight and plasma glucose.

Brian Lian, CEO of Viking Therapeutics, said the following about the news:

“We are excited to announce the initiation of a clinical study with oral VK2735. The injectable formulation has shown great promise in Phase 1 trial results announced earlier today, and we believe our novel tablet formulation represents a significant expansion of the program’s overall potential.”

How This Affects VKTX Stock

Considering that it already has positive results from its injection tests, things are looking good for the oral evaluation of VK2735. That means investors are likely to see positive results. Viking intends to release results from the current trial in the second half of 2023.

This news also has VKTX stock seeing heavy trading today. As of this writing, some 6.5 million shares have changed hands. That’s a major jump from its daily average trading volume of about 2.2 million shares.

VKTX stock is up 37.6% on Tuesday morning.

Investors looking for all of the latest stock market news will want to stick around!

InvestorPlace is home to the most recent stock coverage traders need to know about on Tuesday! Among that is why shares of Midatech Pharma (NASDAQ:BDRX) stock are up, as well as the biggest pre-market stock movers and more. You can find all that news at the following links!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-viking-therapeutics-vktx-stock-up-38-today/.

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