NEW YORK, NY / ACCESSWIRE / November 14, 2018 / Shares of EyeGate exploded on Tuesday on tremendous volume after reporting third quarter financial results. Shares of Viking Therapeutics were little changed after the company presented data from a Phase 2 trial of VK2809 on Monday.
RDI Initiates Coverage on:
Viking Therapeutics, Inc.
EyeGate Pharmaceuticals, Inc.
Viking Therapeutics, Inc. shares closed down a modest 1.71% on Tuesday with nearly 13 million shares traded but saw some of those losses returned in after-hours trading. Earlier this week the company presented results from the Phase 2 trial of VK2809, the company’s thyroid hormone receptor beta (TRβ) agonist, in patients with hypercholesterolemia and nonalcoholic fatty liver disease (NAFLD) at the 2018 meeting of the American Association for the Study of Liver Diseases (AASLD). "We are very pleased with the safety and efficacy results demonstrated in this trial, which provide us with confidence in VK2809's potential benefit in patients with NAFLD and NASH," stated Brian Lian, Ph.D., CEO of Viking. He added, "The reductions in liver fat, LDL-C, triglycerides
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EyeGate Pharmaceuticals, Inc. shares closed up nearly 35% on Tuesday with around 31 million shares traded. Average trading volume for the stock is only around 726,000 shares. The big gains came after the company announced its financial results for the third quarter ended September 30th. CEO Stephen From stated, "The third quarter of 2018 was a transformative quarter for EyeGate, with the Company receiving FDA approval for two IDE submissions for our Ocular Bandage Gel ('OBG') product, as well as focusing our efforts toward the key clinical trials that support this innovative product." He added, "We are extremely pleased to have announced positive top-line data in each of our OBG studies for photorefractive keratectomy ('PRK') surgery and punctate epitheliopathies ('PE'). We are very happy with the data and believe that all of our data is sufficient and robust enough to create a path toward regulatory filings for approval and commercialization." Revenue for the quarter was $0.315 million compared to $0.075 million in the third quarter of 2017. The company reported a net loss of $3.124 million, compared with $4.140 million in the third quarter of 2017 and $2.780 million in the second quarter of 2018.
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