Bulls Blast Viking Therapeutics Stock on Trial Data

Shares have reversed course from a fresh high, however

Digital Content Manager
May 16, 2023 at 10:24 AM
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Viking Therapeutics Inc (NASDAQ:VKTX) today announced a win for its experimental drug to treat patients with a type of fatty liver disease called non-alcoholic steatohepatitis (NASH). The treatment met the main goal of its mid-stage trial, which was to statistically lower liver fat content.

Despite surging to a four-year high of $23.61 earlier, shares were last seen down 1.7% to trade at $21.61. The security still boasts support from the 20-day moving average, though, which has been in place since March. VKTX also sports a 831.8% year-over-year lead, with 132% added in 2023.

The security looks ripe for a short squeeze, too. The 11.59 million shares sold short account for 12.3% of Viking Therapeutics stock's available float, or roughly three days' worth of pent-up buying power.

The equity's usually quiet options pits are bursting with activity today. In fact, 9,640 calls  have already crossed the tape, or nine times the intraday average volume, compared to 976 puts. The most popular contract is the August 10 call, followed by the November 10 call.

 

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