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Raymond James's Steven Seedhouse upgraded their rating on Viking Therapeutics (NASDAQ: VKTX) from Buy to Strong Buy on 2024/05/16. The analyst also raised their price target by 0.9% from $115 to $116.

According to Seedhouse, Roche Holdings Ag's CT-388 is the "closest competition" for Viking Therapeutics' VK2735.

While Roche disclosed "a few data points" for its subcutaneous weekly GLP-1/GIP asset, CT-388, the company made it "as difficult as possible" to compare the two treatments.

However, given Roche's data, Seedhouse believes VK2735 is managing to withstand its most significant competitive threat.

The analyst explained that based on their calculations, if VK2735 is administered at a constant 15 mg dose beginning in week 13, patients will have a 19.8% unadjusted weight reduction by week 24.

Footnotes

CT-388 is a once-weekly subcutaneous injectable, dual GLP-1/GIP receptor agonist being developed for the treatment of obesity and type 2 diabetes.

VK2735 is a novel drug candidate developed by Viking Therapeutics for the treatment of obesity and other metabolic disorders

GLP-1 (Glucagon-like Peptide 1) and GIP (Glucose-dependent Insulinotropic Polypeptide) are incretin hormones involved in glucose regulation.