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Shares of Viking Therapeutics plunged Tuesday after the company released midstage trial data on its obesity pill that disappointed investors.

The biotech company's stock price dropped to about $23.80 as of Tuesday morning, from $42.09 at Monday's close, a roughly 43% plunge. Viking's market cap now sits at about $2.69 billion, down from more than $4 billion on Monday.

The results could be a blow to Viking, which was once seen as a hot M&A target as pharmaceutical companies scramble to join the booming market for obesity and diabetes drugs. It could reinforce the dominance of Eli Lilly and Novo Nordisk in the space, especially as they develop pills for weight loss that could enter

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