Viking Therapeutics Stock Falls 7% On Manufacturing Agreement For Obesity Drug

(RTTNews) - Viking Therapeutics, Inc. (VKTX) is trading at $25.48, down 8.83 percent or $2.47 on Tuesday, after announcing a multi-year manufacturing agreement with CordenPharma.

The stock opened at $26.26 and has traded between $24.44 and $26.38, compared to a previous close of $27.96 on the Nasdaq. Current volume stands at 4.81 million shares, slightly above the average volume of 4.41 million. The stock's 52-week range is $24.41 to $89.10.

The deal secures long-term supply of both subcutaneous and oral forms of VK2735, a drug candidate for obesity, supporting what Viking describes as a potential multi-billion-dollar annual product opportunity.