Viking Therapeutics Stock Drops In After Hours on Proposed Public Offerings

Viking Therapeutics Inc (NASDAQ: VKTX) announced proposed public offerings of $200 million in common stock and $200 million in convertible senior notes due 2032, which led to an 8.19% drop in its stock price during after-hours trading, bringing it to $38.24. The company plans to use the net proceeds for the clinical development and commercialization of its VK2735 and VK3019 programs. As of June 30, Viking had $502 million in total cash, cash equivalents, and short-term investments.