JPMorgan thinks Viking Therapeutics may very well be the following massive title within the GLP-1 craze. The agency initiated an Chubby ranking on the biopharmaceutical firm with a value goal of $80 per share. JPMorgan’s forecast implies a rise of greater than 46% from Tuesday’s closing value of $54.65. Viking Therapeutics is advancing its weight problems drug VK-2735 by way of scientific trials, becoming a member of related and rival GLP-1 medicine from Novo Nordisk and Eli Lilly. In July, Viking mentioned an injectable model of the drug would enter Section 3 trials, whereas a Section 2 research of an oral model would start quickly. Buyers are awaiting extra particulars on the verbal model, anticipated to be launched in early November, as a attainable catalyst for the inventory. By 2024, the inventory has gained greater than 204%. “Given investor sentiment in the direction of overweight belongings, we anticipate shares to rise sharply on the again of this information,” analyst Hardik Parikh wrote in a be aware on Wednesday. “We consider that Whereas there are long-standing hurdles for oral VKTX (manufacturing necessities, stiff competitors), subQ has larger hurdles, however this profile ought to give VKTX a distinct segment out there. [subcutaneous] Parikh expects Viking’s findings to indicate the drug is healthier tolerated by sufferers than present medicine reminiscent of Novo’s Wegovy and Eli Lilly’s Zepbound. reactions, forcing them to cease remedy. Chase predicts that the class may attain annual gross sales of about $120 billion by 2030, with oral gross sales of about $30 billion by 2035. Barely higher than the competitors, however nonetheless very properly tolerated.
