Welcome to Markets Desk, your midday read on what's moving money and markets.
Viking Therapeutics is clearing a major hurdle, advancing its oral obesity drug candidate into phase three trials. That puts the biotech in direct competition with established giants in the GLP-one space, and for investors watching the weight loss category, the question now is whether the current valuation already prices in a successful outcome or leaves room to run.
Shifting to healthcare broadly, the Bristol Myers Squibb versus Novo Nordisk debate is sharpening heading into two thousand twenty six. Bristol offers deep oncology pipeline exposure and strong free cash flow at a modest multiple, while Novo carries the weight loss tailwind but trades at a premium. The choice ultimately comes down to how much growth you're willing to pay for.
And in a corner of the market that doesn't get enough attention, AST SpaceMobile is sitting on three point seven billion dollars in liquidity with essentially no commercial revenue yet. All current income flows from defense contracts and prepayments, which makes valuation a genuine puzzle. The bull case rests entirely on when and whether satellite-to-cell service scales commercially.
That's the tape. Markets Desk, signing off the floor.
