12:01 PM EDT, 07/25/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

Viking Therapeutics' ( VKTX ) shares were up nearly 38% in recent Thursday trading, a day after the company reported that its Q2 loss widened less than expected.

The company reported a Q2 net loss late Wednesday of $0.20 per diluted share, compared with a loss of $0.19 per share a year earlier.

Analysts polled by Capital IQ expected a $0.27 loss.

No revenue was reported for the quarter ended June 30, as expected.

The company held cash, cash equivalents and short-term investments of $942 million at June 30, compared with $362 million at the end of last year. This likely provides Viking Therapeutics ( VKTX ) the runway to execute "key milestones" for its pipeline programs, Chief Executive Brian Lian said.

Price: 69.39, Change: +18.98, Percent Change: +37.66