VTVT Stock Eyes Fresh High on Upbeat Diabetes Drug Data

vTv Therapeutics just presented upbeat data for its mid-stage diabetes treatment

The shares of pharmaceutical issue vTv Therapeutics Inc (NASDAQ:VTVT) are up 3.5% at $1.78 this morning, following promising results for the company's mid-stage study of its diabetes treatment, TTP399. VTVTsaid the new therapy was able to reduce daily mealtime bolus insulin doses by 23%. The equity is eyeing its highest close in three months, in response.

What's more, VTVT is once again testing its footing atop its 200-day moving average -- a trendline it has only closed north of one time since March. But while the security has seen an impressive surge in September so far, tacking on almost 40% this month, it is still off roughly 34% for the year.

While analyst coverage of VTVT is relatively quiet, the two on board are extremely bullish. Both call the penny stock a "buy," and the consensus 12-month target price is all the way up at $6.50 -- over three times the security's current perch.

VTVT's solid September gains could have some short sellers falling off the bullish bandwagon, too. Short interest has dropped 4.7% in the last reporting period. The 1.4 million shares sold short still represent a whopping 18.1% of the VTVT's available float and would take seven days to cover at its average pace of trading, which could put some wind at the equity's back, should more of these pessimistic positions begin to unwind.