The biopharmaceutical company Viking Therapeutics is attracting heightened attention from major investors, driven by progress in its obesity treatment candidate VK2735. With accelerated clinical timelines and a robust balance sheet, the firm is positioning itself for significant upcoming milestones.
Accelerated Clinical Development
Viking Therapeutics recently achieved a major operational success, completing enrollment for its Phase 3 trial, VANQUISH-1, ahead of schedule in November 2025. The study, investigating the subcutaneous formulation of VK2735 in adults with obesity, enrolled 4,650 participants, exceeding its original target of 4,500. This strong enrollment pace underscores considerable interest in the drug candidate.
A parallel Phase 3 study, VANQUISH-2, is on track to finish recruiting approximately 1,100 adults with type 2 diabetes who are also obese or overweight by early 2026. Both trials are evaluating weekly injections of VK2735 at various doses against a placebo.
The foundation for these late-stage programs was laid by positive Phase 2 results for an oral version of VK2735 from the VENTURE study. Key findings included statistically significant weight reductions of up to 12.2% from baseline, achievement of all primary and secondary endpoints, and sustained weight loss even after a dose reduction in a maintenance cohort.
Institutional Investors Ramp Up Holdings
Several institutional asset managers have significantly increased their stakes in Viking, reflecting growing confidence. Recent regulatory filings reveal substantial position building in the second quarter:
- Frontier Capital Management boosted its holdings by 52.8%, now owning 638,204 shares valued at approximately $16.9 million, representing about 0.57% of outstanding shares.
- NewEdge Advisors LLC expanded its position by a notable 659.7% to 17,755 shares.
- Diadema Partners LP raised its investment by 28.1% to 197,468 shares.
- The California Public Employees Retirement System (CalPERS) increased its stake by 9.2% to 135,360 shares.
- Jump Financial LLC established a new position worth roughly $12.2 million.
Collectively, institutional investors now control approximately 76.0% of the company’s shares.
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Financial Health and Metrics
As of the end of the third quarter of 2025, Viking reported a strong liquidity position with $715 million in cash, cash equivalents, and short-term investments. This financial cushion supports its expanding clinical programs, as evidenced by a year-over-year surge in research and development expenses to $90.0 million, up from $22.8 million in Q3 2024. The increase is directly tied to the accelerated development of VK2735.
Other key financial metrics include:
* Market Capitalization: Approximately $4.21 billion
* 52-Week Trading Range: $18.92 to $49.67
* Q3 2025 Net Loss: $90.8 million, or $0.81 per share
* Shares Outstanding: Roughly 112.4 million
Analyst Outlook and Insider Activity
Equity researchers maintain a broadly optimistic view. Following the early completion of VANQUISH-1 enrollment, H.C. Wainwright reaffirmed its Buy rating and a $102 price target. Canaccord Genuity also maintains a Buy recommendation with a $107 target. The consensus range for price targets sits between approximately $87 and $93, suggesting analysts see further upside from current trading levels.
This institutional buying activity has been contrasted by insider selling in the recent quarter. Company officers and directors collectively sold 111,359 shares worth about $3.93 million. Notably, COO Marianna Mancini sold 6,185 shares at $35.00 each, while board member Charles A. Rowland Jr. divested 60,000 shares at $35.57 apiece, reducing his position by two-thirds.
Upcoming Catalysts for 2026
The coming year is poised to deliver several potential value-driving events for Viking Therapeutics:
* Initial data readouts from the Phase 3 programs for VK2735.
* Completion of patient recruitment for the VANQUISH-2 trial in early 2026.
* Planned Investigational New Drug (IND) application submission for its amylin agonist program.
* A presentation scheduled for the J.P. Morgan Healthcare Conference in January 2026.
By advancing both injectable and oral formulations of VK2735, Viking is emerging as a potential competitor in the rapidly expanding GLP-1/GIP market for obesity therapies, a sector currently led by large pharmaceutical companies.
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