Biotech Stocks Dominate Monday’s Top 10 Gainers

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

Viking Therapeutics Inc. saw its share prices jump by 10.58 percent on Monday to finish at $24.57 apiece following news that Pfizer Inc. (NYSE:PFE) will discontinue the development of its oral obesity medication, danuglipron, amid safety concerns.

According to PFE, the decision came after a patient experienced a potential liver injury linked to the drug.

The scrapped plans, however, spelled good news for VKTX which is similarly underway with the development of an oral weight loss candidate called VK2735, with PFE now out of the competition.

In other news, reports surfaced last month that PFE was set to take over VKTX, and tapped Morgan Stanley as its advisor for the acquisition.

The rumors came days after VKTX released its earnings performance in the fourth quarter of the year, widening its net loss by 44 percent to $35.4 million from the $24.6 million in the same period a year earlier.

Net loss for full-year 2024 also widened by 28 percent to $109.96 million from $85.895 million in 2023.