Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Investing.com -- Viking Therapeutics (NASDAQ:VKTX) stock fell 21% Tuesday morning despite announcing positive Phase 2 trial results for its oral obesity drug that showed significant weight loss in patients.
The clinical-stage biopharmaceutical company reported that its Phase 2 VENTURE-Oral Dosing trial of VK2735, a dual GLP-1 and GIP receptor agonist, met its primary and secondary endpoints. Patients receiving the once-daily oral tablet formulation demonstrated weight loss of up to 12.2% (26.6 lbs) after 13 weeks of treatment, compared to 1.3% (2.9 lbs) for those on placebo.
The study showed a clear dose response across the treatment period, with weight loss being progressive at all doses through the 13-week study with no plateau observed. Up to 97% of subjects in the VK2735 treatment groups achieved at least 5% weight loss, compared with 10% for placebo, and up to 80% achieved at least 10% weight loss versus 5% for placebo.
The company also reported that the drug was generally safe and well-tolerated, with 98% of drug-related treatment-emergent adverse events categorized as mild or moderate. The most common side effects were gastrointestinal, with nausea reported in 58% of participants receiving VK2735 compared to 48% for placebo.
An exploratory dosing cohort designed to assess weight loss maintenance showed promising results. Patients rapidly titrated to 90 mg daily doses for four weeks and then down-titrated to 30 mg daily for seven weeks maintained their weight loss, suggesting that effective weight maintenance may be achieved at lower doses.
Despite these positive results, investors appeared to react negatively to the news, sending Viking Therapeutics shares sharply lower in Tuesday trading.
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