Viking Therapeutics has priced an upsized $500 million concurrent public offering of common stock and convertible senior notes. The clinical-stage biopharmaceutical company will sell 7,857,143 shares at $35.00 per share and $225 million in 2% convertible senior notes due 2032. The offering size was increased from the previously announced $200 million for each component. The notes carry an initial conversion price of approximately $50.75 per share, representing a 45% premium over the public offering price. Viking estimates net proceeds of approximately $258.2 million from the common stock offering and $218 million from the note offering, after deducting underwriting discounts and expenses. The company intends to use proceeds for continued clinical development of its VK2735 and VK3019 programmes, as well as general research and development purposes. Morgan Stanley, JPMorgan, Jefferies, Leerink Partners, and William Blair are serving as joint book-running managers.

Morgan Stanley downgraded Expedia Group to Underweight from Equal Weight on 16 September, setting a $235 price target approximately 20% below the stock's trading level. Analyst Matthew Cost cited flat year-over-year monthly active users in Q2, whilst Booking.com grew 6% and Airbnb 10%. The bank argues Expedia's high marketing costs mean paying to win back the same travellers annually whilst rivals add new users. However, Expedia's business-to-business segment, which supplies inventory to banks and airlines, grew bookings 21% and revenue 23% in Q2, its twentieth consecutive quarter of double-digit bookings growth. Management raised full-year revenue and margin guidance following Q2 results. Morgan Stanley is currently the only bank with a sell-equivalent rating on the stock.