2024-02-29 06:42:00 ET
The weight loss drug market is growing in leaps and bounds -- and today the biggest winners are Eli Lilly and Novo Nordisk . These big pharma companies are bringing in billions thanks to their drugs that are helping those suffering from obesity shed pounds fast. But soon a new kid may be on the block. I'm talking about Viking Therapeutics (NASDAQ: VKTX) , a biotech company that just released positive data from a phase 2 trial of its weight loss candidate.
Viking's shares soared a mind-boggling 120% in one trading session on the news, surging past even analysts' highest 12-month share price forecasts. This is as investors bet on this company eventually entering the market with a highly efficacious product -- or attracting a buyer. But after such a rapid gain, is it now too late to get in on this stock? Let's find out.
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Viking Therapeutics Just Soared 120% on Optimism About Its Weight Loss Candidate. Too Late to Buy?