To The Moon

Shares of three biotech stocks, $Viking Therapeutics(VKTX)$ $Skye Bioscience Inc.(SKYE)$ $Janux Therapeutics, Inc.(JANX)$, have surged at least 269% so far this year. Do they have room to rise?

1.Viking Therapeutics

Since $Novo-Nordisk A/S(NVO)$ and $Eli Lilly(LLY)$ launched their own weight-loss treatments, both stocks have surged. VKTX is working on a GLP-1 therapeutic oral solution called VK2735. In Phase II trials, VK2735 performed even better than NVO's Wegovy or LLY's Zepbound.

VKTX shares are up 269% year-to-date and could rise even higher as VK2735 advances in late-stage trials.

2.Skye Bioscience

Since announcing a $50 million private placement at the end of January, shares of SKYE have been on the rise, and the stock moved significantly higher on February 27.

There is no doubt that investors see the potential of SKYE in glaucoma treatment and potential obesity therapy. With its share price rising, the company won approval to transfer its shares to the Nasdaq exchange for trading on April 10. So far this year, SKYE's shares are up 440%.

3.Janux Therapeutics

Shares of JANX also soared after it reported encouraging efficacy and safety data from the clinical trial of JANX007, a treatment for metastatic castration-resistant prostate cancer. In addition, JANX008 has also made positive progress and is currently being tested for the treatment of advanced solid tumors.

JANX shares are up 372% so far in 2024, and rose again last week after media reports that the company was exploring a sale of the company. JANX's stock is now back above $52 a share.