Viking Therapeutics Accelerates Toward Pivotal Obesity Drug Data

The race to develop next-generation weight-loss therapies is intensifying, and Viking Therapeutics is emerging as a notable contender moving at a remarkable pace. The biopharmaceutical company is advancing its dual-formula drug candidate, VK2735, through late-stage trials, positioning itself within the lucrative GLP-1 market. The key question for investors is whether upcoming Phase 3 results will validate the promising efficacy seen in earlier studies.

The global obesity treatment market represents one of the most valuable sectors in pharmaceuticals. Analysts at Goldman Sachs project the U.S. market alone could reach approximately $100 billion by 2030. This potential has cemented the dominance of industry giants Eli Lilly and Novo Nordisk.

Novo Nordisk recently secured U.S. FDA approval for an oral version of Wegovy, the first GLP-1 pill for weight management, priced at $149 per month for uninsured patients. Meanwhile, Eli Lilly has submitted for approval of its oral candidate, orforglipron, with a potential launch expected around 2027. Both companies are also progressing additional injectable candidates, including Eli Lilly's triple-agonist retatrutide and Novo Nordisk's amycretin.

It is within this competitive environment that Viking Therapeutics aims to establish VK2735 as a relevant player.

Late-Stage Trials Progress Rapidly

Viking's clinical development program is proceeding with unusual speed. The first major Phase 3 trial, VANQUISH-1, has already passed a critical milestone. Patient recruitment concluded in November, merely months after the study's initiation in June.

• Enrollment exceeded the target of 4,500, with roughly 4,650 participants ultimately enrolled.
• The study will span 78 weeks.
• It focuses on obese adults with at least one weight-related comorbidity.
• The design compares three subcutaneous dosing arms (7.5 mg, 12.5 mg, 17.5 mg) against a placebo.

This swift recruitment timeline suggests strong interest from both physicians and patients.

A second Phase 3 study, VANQUISH-2, is also on track. This trial aims to enroll about 1,100 patients with Type 2 diabetes, with recruitment scheduled for completion by the end of the first quarter of 2026.

The efficacy benchmarks for these late-stage studies were set by Phase 2 data:
- The VENTURE study (subcutaneous formulation) showed weight loss of up to 14.7% after 13 weeks, with no visible plateau.
- A separate Phase 2 trial for an oral formulation demonstrated 12.2% weight reduction at the highest dose over the same period.

Financial Health and Market Valuation

Viking Therapeutics trades at a premium relative to the broader biotechnology sector. Its price-to-book ratio stands at 5.58, compared to a sector average of 3.61 and its own five-year average of 3.65.

The company's balance sheet shows substantial liquidity, with approximately $700 million in cash and equivalents reported at the end of the third quarter of 2025. Management believes these funds are sufficient to advance its pipeline through key Phase 3 data readouts.

Should investors sell immediately? Or is it worth buying Viking Therapeutics?

Analyst estimates have recently been adjusted:
- The projected loss per share for 2025 is now $2.68, widened from $2.63.
- The forecasted loss for 2026 is $3.88 per share, up from a previous estimate of $3.80.

Despite this, consensus price targets remain significantly above the current trading level. The market consensus target is $87.14, with Morgan Stanley citing $102 and BTIG Research setting a target of $125.

Institutional and Insider Trading Activity

Recent institutional ownership data presents a mixed picture. Voya Investment Management reduced its stake by 91.9% in Q3 2025, selling 303,855 shares.

This selling was counterbalanced by significant new acquisitions:
- Norges Bank established a position worth approximately $46.8 million.
- Jump Financial LLC initiated a new holding valued at around $12.2 million.

Overall, institutional investors hold 76.03% of the company's outstanding shares.

There has also been insider selling activity:
- Board member Charles A. Rowland Jr. disposed of 60,000 shares at $35.57 each.
- CFO Greg Zante sold 6,185 shares at $35.00 apiece.

These transactions are reported as standard insider sales without commentary on strategic motives.

Oral Formulation as a Strategic Pillar

Market observers are paying particular attention to the oral version of VK2735. Its Phase 2 performance—12.2% weight loss at the highest dose over 13 weeks—places it competitively against rival therapies.

For Phase 3 development, the company plans to test doses ranging from 20 mg to 75 mg to optimize the balance between efficacy and tolerability. This oral strategy, combined with the subcutaneous formulation, creates a dual-platform approach designed to cater to diverse patient preferences and needs.

With the VANQUISH-2 trial recruitment nearing completion and oral Phase 3 programs in planning, Viking Therapeutics enters 2026 with multiple clearly defined clinical catalysts on the horizon.