Viking Therapeutics Inc (NASDAQ: VKTX) is the leader among biotechnology stocks today after the company released positive top-line data from a Phase 2 clinical study. The study was designed to assess VK2809, the company’s candidate for the treatment of NAFLD. NAFLD is a severe condition with serious unmet medical need, so the positive data is great news for investors.
VKTX said that the trial met both its primary endpoint of reducing LDL-C and its secondary endpoint of reducing fat within the liver. The treatment was also shown to be safe and well-tolerated with no serious adverse events.
Following the announcement of the data, the stock skyrocketed, gaining more than 100%. While gains have tapered down some, the stock is still trading at gains of 85%+ as we head into mid-day.
Other News In The Biotechnology Sector
In other news, Madrigal Pharmaceuticals Inc (NASDAQ: MDGL) is falling hard in the market today after the VKTX news. The positive clinical study threatens the market potential of the lead candidate at MDGL, MGL-3169, also being developed to treat NAFLD.
Following the release of the VKTX data, MDGL fell as much as 15%. Although the stock has seen a slight recovery since, it is still trading down 12.98% heading into mid-day. For more information, click here.
Ampliphi Biosceinces Corp (NYSEAMERICAN: APHB) looked like it was going to have a good day in the market today after it received a nod of approval from the FDA with regard to two clinical trials. However, the good news was quickly snuffed out in the market after the company issued an SEC filing surrounding the offering of 12.2 million shares.
In the pre-market APHB was up more than 17% on the regulatory news before the SEC filing hit. When the filing hit, the stock started to drop and hasn’t stopped yet. As we head into mid-day, APHB is trading down 10.61%. For more information, click here.
ChemoCentryx Inc (NASDAQ: CCXI) is climbing after Vifor Pharma increased its stake in the comapny to more than 20%, purchasing millions of shares from GlaxoSmithKline in the process.
Since the announcement, the stock has been on a tear for the top. Currently, CCXI is trading at $12.00 per share after climbing 14.39% in the market today. For more information, click here.
Finally, Tilray Inc (NASDAQ: TLRY), usually a topic in the cannabis sector is jumping into biotechnology news. The company announced that it has received approval from the DEA to import cannabis products to the United States for a clinical trial.
The stock has been gaining all morning. Currently, TLRY is trading at $146.41 per share after climbing 21.82% in the market. For more information, click here.
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