A surge of institutional interest is building around Viking Therapeutics, a clinical-stage biotechnology firm based in San Diego. The catalyst is the company’s weight-loss drug candidate, VK2735, which is advancing through late-stage trials. Recent developments, including the accelerated completion of a major study and notable activity in the options market, suggest large-scale investors are positioning for the company’s next phase.
A Crowded but Lucrative Arena
The global market for obesity therapeutics is intensely competitive, with analysts projecting it could reach an annual value of $150 billion by 2030. Viking aims to carve out a significant share, competing directly with established giants like Eli Lilly and Novo Nordisk, as well as emerging biotech firms such as Structure Therapeutics and Zealand Pharma.
Key Clinical Trial Progress
Viking recently announced the early completion of enrollment for its pivotal 78-week Phase 3 trial, known as VANQUISH-1. The study successfully enrolled 4,650 adult participants with obesity or overweight and related co-morbidities, exceeding the initial target of 4,500. This rapid recruitment pace is viewed as a positive indicator of strong clinical site engagement with the VK2735 program.
A second Phase 3 study, VANQUISH-2, which is enrolling approximately 1,100 patients with type 2 diabetes, is expected to complete enrollment by early 2026. Both trials are evaluating weekly subcutaneous injections of VK2735 at doses of 7.5 mg, 12.5 mg, and 17.5 mg against a placebo.
Key Trial Parameters:
– Primary Endpoint: Percentage change in body weight after 78 weeks.
– Secondary Goals: Measuring the proportion of patients achieving weight reduction of ≥5%, ≥10%, ≥15%, and ≥20%.
– Phase 2 Benchmark: Previous studies demonstrated weight loss of up to 12.2%.
– Participants will have the option to continue treatment in an open-label extension phase.
Unusual Options Activity Points to Big Money
Market surveillance tools have detected unusually large and predominantly bullish options trades involving Viking shares. The scale and complexity of these transactions are typically associated with institutional investors, hinting at strategic positioning ahead of potential upcoming catalysts for the company.
Should investors sell immediately? Or is it worth buying Viking Therapeutics?
Financial Position and Analyst Sentiment
Viking entered the final quarter of 2025 from a position of financial strength, reporting cash and equivalents of $715 million. Management believes these funds are sufficient to finance the ongoing Phase 3 clinical programs. The company posted a net loss of $90.8 million, or $0.81 per share, for the third quarter, driven largely by increased research and development expenses of $90.0 million.
The firm’s market capitalization stands at approximately $4.2 billion.
Analyst outlook remains strongly positive. Following the enrollment milestone, H.C. Wainwright reaffirmed its Buy rating with a $102 price target. Canaccord Genuity maintains its target of $107. The consensus price target among analysts is around $93. Of 19 tracked analyst recommendations, 16 are categorized as “Strong Buy,” representing 84.2% of the total.
A Broader Pipeline Beyond Obesity
While VK2735 is the current focal point, Viking continues to advance other candidates. The company is progressing an amylin agonist program and plans to submit an Investigational New Drug (IND) application next year. Its development pipeline also includes VK2809 for liver diseases and VK0214 for the rare condition X-linked Adrenoleukodystrophy.
In early December 2025, Viking presented updates on these programs to institutional investors at the Piper Sandler Healthcare Conference in New York. The market now awaits data from the VANQUISH-1 study, expected in the coming months, which will be pivotal for determining the future trajectory of VK2735 and the company’s competitive standing in the multi-billion-dollar metabolic disease space.
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