Chart of Day: The #1 Biotech For 2024

You are receiving this email because you are subscribed to Daily Guru Trades. If you no longer wish to receive these emails, please unsubscribe here. “Viking Therapeutics (SYM: VKTX) may be one of the hottest biotech stocks to buy this year. Now trading at $65.52, we strongly believe VKTX could run back to all-time highs, as it nears Phase 3 trials for its obesity treatment, VK2735,” we said on September 2. Today, the stock is up to $73.22 and could push even higher. For one, the company said that “pending FDA feedback from a meeting this year, VK2735, a dual GLP-1/GIP receptor agonist similar to Eli Lilly's blockbuster weight loss drug Zepbound, is still on track to reach late-stage development.” Two, the company just beat earnings with an EPS loss of 22 cents coming in three cents better than expected. VKTX also improved its liquidity position and now holds $930 million in cash and cash equivalents, which is up from $362 million at the end of 2023.  Three, as noted by CEO Brian Lian, Ph.D.: "The first three quarters of 2024 have been a productive period for Viking, with positive results announced from four different clinical trials and promising initial findings reported from a new preclinical program. In Q1, we announced results from the Phase 2 VENTURE trial evaluating subcutaneous VK2735 for obesity, which demonstrated impressive reductions in body weight after 13 weeks of treatment.  We also reported the initial results from a Phase 1 trial evaluating an oral formulation of VK2735 in healthy volunteers, which showed encouraging reductions in body weight and excellent tolerability after 28 days of dosing.” “During the second quarter, the company announced positive 52-week histology results from the Phase 2b VOYAGE trial evaluating VK2809 in patients with NASH/MASH and fibrosis.  This study successfully achieved its primary, secondary, and key exploratory endpoints showing reductions in liver fat as well as improvements in NASH/MASH resolution rate and fibrosis. Moving forward, with $930 million in cash and equivalents, we believe we have the financial resources to achieve multiple important milestones with our clinical programs." Did you miss yesterday's Chart of the Day? 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