JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
On Thursday, H.C. Wainwright reaffirmed its Buy rating and $102.00 price target for Viking Therapeutics (NASDAQ:VKTX) shares, significantly above the current trading price of $26.34. The firm’s analyst highlighted the recent completion of enrollment for the Phase 2 VENTURE-Oral trial of VK2735, a drug candidate aimed at treating obesity and overweight conditions with related co-morbidities. According to InvestingPro data, analyst targets for VKTX range from $38 to $164, with the stock currently trading near its 52-week low of $24.41.
The trial, which concluded enrollment on March 26, is a randomized, double-blind, placebo-controlled, multi-center study designed to evaluate the safety, tolerability, pharmacokinetics, and weight loss efficacy of the oral formulation of VK2735. Around 280 adults have been enrolled, with participants either being obese or overweight and having at least one weight-related co-morbid condition. The primary endpoint of the 13-week trial is to assess the percent change in body weight from baseline. Viking Therapeutics, with a market capitalization of $2.96 billion, maintains strong financial health with InvestingPro analysis showing more cash than debt on its balance sheet and liquid assets exceeding short-term obligations.
Secondary and exploratory endpoints of the VENTURE-Oral trial will further evaluate various safety and efficacy measures. Viking Therapeutics is not only focusing on the oral formulation of VK2735 but is also preparing for the subcutaneous form to enter Phase 3 development in the first half of 2025.
The analyst from H.C. Wainwright expressed confidence in the potential of VK2735, citing its strong performance in previous clinical readouts and its favorable comparison to other major players in the weight loss space. The firm anticipates that the upcoming developments for VK2735 will reinforce the drug’s competitive position in the market. The analyst’s statement concluded with a reiteration of the Buy rating and a $102 price target for Viking Therapeutics stock, anticipating further updates that could solidify VK2735’s market standing.
In other recent news, Viking Therapeutics has entered into a strategic manufacturing agreement with CordenPharma to ensure a steady supply of its VK2735 obesity treatment. This agreement includes the production of the active pharmaceutical ingredient and final product forms, positioning Viking to capitalize on a potentially lucrative market. In addition, H.C. Wainwright has maintained its Buy rating on Viking Therapeutics, with a price target of $102, citing the promising efficacy of VK2735 in obesity treatment. Conversely, Citi analysts initiated coverage with a Neutral rating and a $38 price target, expressing caution due to the competitive landscape and the need for more comprehensive safety data.
Truist Securities adjusted its outlook for Viking Therapeutics, reducing the price target from $120 to $95 while maintaining a Buy rating. The revision comes after Viking’s fourth-quarter update provided a timeline for the commencement of two Phase 3 studies of SQVK2735. Truist highlighted significant upcoming milestones, including the anticipated topline results from the Phase 2 trial of oral VK2735 in the second half of 2025. Meanwhile, Eli Lilly (NYSE:LLY) continues to maintain a leadership position in the obesity treatment market with its Zepbound drug, projected to reach approximately $26.3 billion in sales by 2030, according to Truist Securities. Amgen (NASDAQ:AMGN) is also recognized for its potential in the obesity sector, with its drug MariTide forecasted to achieve peak adjusted sales of $5.5 billion.
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