Clinical-stage biopharmaceutical company Viking Therapeutics Inc (NASDAQ:VKTX) saw its shares rocket as broker H.C. Wainwright, which initiated coverage on the firm with a “Buy” recommendation.
The brokerage firm has set the target price of US$6 it reported in a research report released on Thursday, sending shares more than 63% higher to US$2.33.
Viking started the week with a market capitalisation of US$14mln, but after the rating was worth more than US$22.4mln, adding some US$8.4mln to the company’s value.
The Company is focused on the development of therapies for metabolic and endocrine disorders.
Its lead program, VK5211, is an orally available drug candidate under a Phase II clinical trial.
The firm is also developing VK2809 and VK0214 for the treatment and potential prophylaxis of genetic disorderALD.
It also owns VK0612, an orally available Phase IIb-ready drug candidate for type 2 diabetes.