10 Best Performing Biotech Stocks in 2024

3. Viking Therapeutics, Inc. (NASDAQ:VKTX)

Total YTD Return: 131%

Viking Therapeutics, Inc. (NASDAQ:VKTX) is a clinical-stage biopharmaceutical company specializing in innovative therapies for metabolic and endocrine disorders. The company is developing key compounds, including VK2735, a dual agonist targeting GLP-1 and GIP receptors for obesity; VK2809, a selective thyroid hormone receptor beta agonist for conditions like NASH and fibrosis; and VK0214, another thyroid hormone receptor beta agonist for treating X-linked adrenoleukodystrophy (X-ALD). The corporation aims to improve patients’ lives through cutting-edge metabolic research and development.

Viking Therapeutics, Inc. (NASDAQ:VKTX) recorded a net loss of $24.9 million, or $0.22 per share, in the third quarter of 2024, which was higher than in 2023. Higher R&D and general and administrative (G&A) costs were the primary causes of this loss increase. Due to comparable factors, the net loss for the nine months that ended on September 30, 2024, was $74.5 million, or $0.69 million per share.

The company’s R&D expenditures rose from $18.4 million in Q3 2023 to $22.8 million in Q3 2024 as a result of increasing costs for regulatory services, salaries, benefits, and drug manufacturing. Due in major part to stock-based compensation, legal and patent services, and third-party consulting, G&A expenses increased from $8.9 million to $13.8 million.

Viking Therapeutics, Inc. (NASDAQ:VKTX) greatly strengthened its financial position despite these increased costs. As of September 2024, its cash holdings were $930 million, up from $362 million at the end of 2023. Future and ongoing clinical trials will be supported by this increase in monetary reserves.

As of Q3 2024, 41 hedge funds held shares in the company, as tracked by the Insider Monkey database. The largest shareholder in the company was Artia Global Partners with shares worth $33.7 million. Viking Therapeutics, Inc. (NASDAQ:VKTX) has received a consensus Strong Buy rating from analysts.