Why Viking Therapeutics Stock Soared by Nearly 21% on Thursday

Viking Therapeutics (NASDAQ: VKTX) was an outlier on the stock exchange Thursday, in the best way possible. Within its latest earnings release, the biotech had some encouraging news to report, and investors rewarded the company by sending its share price up by more than 21%. With that giant gain, the stock absolutely crushed the S&P 500 index, which only inched up by 0.2%.For now, Viking is a clinical-stage biotech and doesn't generate any revenue. During its third quarter, it managed to trim its net loss. However, this came in at just over $21 million ($0.22 per share), against more than $22 million in the same period of 2023. According to estimates compiled by Zack's, analysts had collectively been expecting a per-share deficit of $0.24. A narrow bottom-line beat is rarely the only reason for a stock's surge. Viking also provided an update on its cash position, revealing that it exited the quarter with $930 million in cash, equivalents, and short-term investments. That was well higher than the $362 million it held at the end of 2023.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool