TLDR
- Viking Therapeutics (VKTX) stock jumped 11.63% after announcing plans to start Phase 3 trials for oral obesity drug VK2735 in Q3 2026.
- Late-stage study showed the once-daily oral tablet achieved up to 12.2% average weight loss after 13 weeks of treatment.
- Viking is the only company offering both oral and injectable formulations of a dual or triple agonist obesity drug.
- Laidlaw reiterated a Buy rating with a $110 price target, citing multiple pathways for VK2735 advancement and strong financial position.
- The company reported Q4 2025 EPS of -$1.38, missing analyst estimates of -$0.90 by 53.33%.
Viking Therapeutics stock climbed 11.63% Wednesday after the biotech firm revealed its timeline for advancing VK2735, an experimental oral obesity drug, into Phase 3 trials during the third quarter of 2026.
Viking Therapeutics, Inc., VKTX
The move positions Viking as a unique player in the competitive obesity drug market. No other company currently offers both oral and injectable formulations of a dual or triple agonist medication.
Late-stage study results showed the once-daily oral tablet version of VK2735 delivered up to 12.2% average weight loss after 13 weeks of treatment. The data comes as Viking prepares to advance both formulations of its obesity drug through clinical development.
The oral formulation market opportunity appears substantial based on recent competitor performance. Raymond James pointed to Novo Nordisk’s oral Wegovy launch, which generated approximately 50,000 prescriptions in its first three weeks after reaching the U.S. market in early January.
Dual Formulation Strategy
Leerink analysts expressed confidence in Viking’s clinical execution and the potential value of its obesity and metabolic disease portfolio. The firm expects Viking’s maintenance trial will provide flexibility to use both VK2735 formulations.
The strategy could involve using subcutaneous injections for initial weight loss followed by a more convenient oral maintenance regimen. This approach would give patients options based on their treatment phase and preferences.
Truist analysts highlighted the commercial opportunity in a client note. The firm believes the potential of oral VK2735 remains underappreciated given the strong launch of Wegovy’s pill formulation.
Viking is also exploring maintenance regimens as a treatment option. This addition could increase versatility in how doctors prescribe the medication.
Financial Position and Timeline
Laidlaw maintained its Buy rating on Viking with a $110 price target following the company’s fourth quarter 2025 results. The price target represents substantial upside from the current trading level of $28.55.
The firm noted Viking’s strong balance sheet. The company holds more cash than debt with a current ratio of 28.34.
Laidlaw estimates topline results for the oral VK2735 Phase 3 study could arrive in 2028. The timeline depends on enrollment speed and study duration.
Viking completed its VANQUISH studies for the subcutaneous version of VK2735. The company plans to advance the oral formulation into Phase 3 trials in the second half of 2026.
The company added experienced commercial management to its team. This move could create more options for maximizing VK2735’s value as the drug progresses through development.
Viking reported fourth quarter 2025 earnings per share of -$1.38. The result missed analyst estimates of -$0.90 by 53.33%. The earnings miss came as the company continues investing heavily in clinical development programs.
Analyst price targets for Viking range from $36 to $125. The consensus rating stands at Strong Buy based on current coverage.
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