Significant Upturn for Biotech Start-ups: Hopefuls in Focus

The year 2024 is going well for the stock market, especially for some emerging biotech companies. The stock prices of Viking Therapeutics and Summit Therapeutics have more than doubled, a development that has caught the attention of analysts. Although quick gains on Wall Street are often quickly erased, experts like BTIG analyst Justin Zelin are confident that the stock prices of these two companies still have room to grow. Zelin predicts Viking Therapeutics will rise to $125 per share, which represents an increase of about 166% next year. Similarly optimistic is Mohit Bansal from Wells Fargo, who believes Summit Therapeutics could rise to $30 per share, representing an additional increase of 68%. At Viking Therapeutics, a potential weight control agent called VK2735 is particularly providing momentum, which is still in clinical trials. Despite the lack of market approval, there is parallel optimism due to similar properties with the already well-selling Tirzepatide from Eli Lilly. Groundbreaking interim study results have already significantly boosted the stock. Summit Therapeutics, on the other hand, is exciting investors with an innovative approach to cancer therapy. Their new product, Ivonescimab, draws comparisons to the blockbuster drug Keytruda, which generated $25 billion in sales last year. Studies show Ivonescimab to be even more advantageous, especially in lung cancer patients in advanced stages.