Viking Therapeutic (VKTX) PT Raised to 'Street High' $28 at H.C. Wainwright
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H.C. Wainwright analyst Joseph Pantginis raised the price target on Viking Therapeutic (NASDAQ: VKTX) to a 'Street High' $28.00 (from $15.00) while maintaining a Buy rating.
The analsyt commented, "This morning, the highly anticipated VK2809 top-line data in non-alcoholic fatty liver disease (NAFLD) and elevated LDL-cholesterol hit their endpoints in a significant fashion. The main takeaways include: (1) statistically significant reductions in LDL-C, of 20% or higher vs. placebo (primary endpoint); (2) median liver fat reduction of 57% (p<0.01) (every other day dosing) and 60% (p<0.01) (daily) from baseline in the VK2809 arms vs 9% of placebo; such a decrease greatly exceeds what was achieved by other treatments, thus far; (3) encouraging and positive data from the responder analysis: ≥ 30% reduction in liver fat content of 77% (p=0.012) (every other day dosing) and 91% (p<0.01) (daily dosing) vs. 18% for placebo; further, by analyzing the “super-responder” groups (company defined), ≥ 50% reduction in liver fat content was observed in 62% (every other day dosing) and 73% (daily dosing); (4) robust and statistically significant decrease in biomarkers associated with non-alcoholic steatohepatitis (NASH) such as atherogenic proteins apolipoprotein B and lipoprotein (a); and (5) strong safety and tolerability profile with no severe AEs. Non-severe AEs were evenly distributed across the two different dosing regimens: amongst these AE, gastrointestinal-related side effects including diarrhea and nausea were numerically higher in placebo-treated patients relative to VK2809 arms (discussed below). The company has submitted two late-breaker abstracts to the AASLD conference (Nov. 9-13). Importantly, one of these abstracts if focusing just on the safety profile from the study, which we believe should further differentiate the drug against others."
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