Roth Capital Partners hiked its price target for Viking Therapeutics (NASDAQ:VKTX) to $13 from $7.50, saying Viking is the beneficiary of competitive data that validates its VK2809 drug candidate. The stock closed at $9.73 on June 1.
On May 31, Madrigal Pharmaceuticals reported positive clinical data for MGL-3196 for the treatment of non-alcoholic steatohepatitis (NASH). “This was relevant to Viking as the company has a similar thyroid hormone receptor β-selective agonist known as VK2809,” writes analyst Scott Henry.
Madrigal’s data appear to validate the class of THR β-selective agonist compounds, he added.
Mr. Henry figures Viking completes enrollment for its Phase 2 trial to treat NAFLD/hypercholesterolemia in June 2018. “Factoring in a 12-week follow-up and time to slice the data would target a readout in about October 2018. This is in-line with prior expectations,” he added.