Ventyx Biosciences Valuation After Breakthrough Phase 2 Results: Underpriced or Overhyped?

Ventyx Biosciences (VTYX) reported impressive Phase 2 trial results for its oral therapy VTX3232, reducing key inflammation markers in patients with obesity and cardiovascular risk factors. The company's share price has risen 95% over the past month and 172% year-to-date, but the long-term total shareholder return remains negative at -82% over three years. The price-to-book ratio is 2x, which is below the peer average, indicating skepticism about profitability and future growth.