Biotech Stock Soars on New Weight-Loss Drug Results

VKTX announced positive trial results for its experimental weight-loss drug

Viking Therapeutics Inc (NASDAQ:VKTX) stock is skyrocketing today, after the biotech’s experimental obesity drug helped achieve “significant” weight loss in a mid-stage study. Gapping to all-time highs, VKTX is up 74.2% at $67.04 at last glance, and earlier hit a record peak of $77.17. Since the start of the year, the equity is already up 256%. 

Over in the options pits, Viking Therapeutics stock has already seen 3.2 times its average daily options volume. so far, 14,000 calls and 18,000 puts have been exchanged, with new positions being opened at the two most popular contracts: the weekly 3/1 49-strike put and the March 55 put. 

It’s also worth noting that though short interest has started to unwind, it still represents 13.7% of the stock’s available float. It would take shorts over four days to buy back their bearish bets, at VKTX’s average pace of trading. 

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