Biotech Stock Surges to 4-Year Highs on Upbeat Trial

Options volume is today running at 41 times the intraday average

Digital Content Manager
Mar 28, 2023 at 10:12 AM
facebook X logo linkedin


Viking Therapeutics Inc (NASDAQ:VKTX) is surging, last seen up 53.7% at $14.02, after the company revealed plans to start a mid-stage trial for experimental obesity drug VK2735 later this year. This follows upbeat early-stage data, which showed up to 6% reduction in mean body weight.

Today's bull gap has shares breaking through a ceiling at the $12 level, and reconquering the 20-day moving average after a series of pullbacks below the trendline. The security is also trading at four-year highs, and boasts 312.9% year-over-year lead. 

Overall options volume is today running at 41 times the intraday average, with 16,000 calls and 1,329 puts exchanged so far. Most popular is the August 3 call, followed by the 4 call in the same monthly series.

This denotes a shift in sentiment. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), VKTX'S 50-day put/call volume ratio sits higher than all 89% of readings from the past year, indicating puts have been more popular than usual.

Viking Therapeutics stock looks ripe for a short squeeze. Short interest is up 13.8% over the last two reporting periods, and the 5.31 million shares sold short account for 7.6% of VKTX's available float.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI