$VKTX RAYMOND JAMES & ASSOCIATES 1Q21 Update: First Look at X-ALD Data Expected 1H21 RECOMMENDATION Our Strong Buy rating and $27 price target are based on our DCF (see page 6). We remain Strong Buy on VKTX following 1Q21 earnings based on our view that VK2809 is potentially the best oral NASH drug in development. Despite the ongoing impacts of the COVID-19 pandemic, expected enrollment completion and interim data readout timelines are still holding since Viking's last update, including a first look at Phase 1 VK0214 data in healthy volunteers in 1H21. In addition, management indicated that they do not expect later transition to Phase 3 for VK2809 in NASH to be gated by activities/studies associated with formulation changes (tablet or soft gel versions of VK2809), which VKTX appears to be leaning toward.