Viking Therapeutics (VKTX:NGS) — Another Year In Review

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To finish off, it might be helpful just to keep a bit of perspective.

As frustrating as the past 12+ months have been, Viking’s shares are still up by 500%+ from a starting point of ~$1.20/share back in mid-2017. So, while it may not feel like it every day – the stock is still a big winner. Viking’s story is also a long way from being over as many more questions will need to get answered and new ones undoubtedly arise over time. That is the nature of the game. But at a high level, nothing has really changed all that much in terms of its progress. The story is still as promising as ever – it’s just waiting on time to prove that from a statistical significance perspective. And that is why I still believe Viking to be my best chance at capturing the elusive “100x bagger” to a valuation of $3.5b from a market cap perspective.

In the meantime, the company is properly funded to reach multiple data readouts; and that has always been the biggest risk at this stage in the story. To go back to my initial wording:

It would be wrong to minimize the “in-between” period since it is both hugely important & unanalyzable in its effect on residual equity value for current shareholders. The only known piece in the equation is that the higher Viking’s stock price is over the next 6-12 months, the more flexibility it will afford it going forward; and the better chance it has to capture a greater percentage of that terminal value for owners without dilution.

That has been the case and still rings as true as ever. I’m excited to see where it goes from here.

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