As the year draws to a close, speculation is mounting that Viking Therapeutics could become a takeover target. The competitive landscape for obesity treatments has intensified, with major pharmaceutical players aggressively seeking promising drug pipelines. Viking’s recent clinical trial successes have positioned it squarely in the spotlight, raising questions about its long-term independence beyond 2026.
Strategic Position and Analyst Confidence
The recent bidding contest between Pfizer and Novo Nordisk for Metsera has redirected market attention toward remaining independent firms with advanced development programs. In this context, Viking Therapeutics is frequently cited as one of the most appealing potential acquisitions.
Market researchers at Canaccord Genuity have identified the company as a leading independent entity in clinical-stage obesity research. The firm’s analysts have labeled Viking’s valuation as “extremely attractive,” reinforcing their Buy recommendation. They also raised their price target from $106 to $107 per share.
Clinical Timelines Accelerate
Viking’s investment case is strengthened by tangible operational progress. In November, the company announced it had completed enrollment for its pivotal VANQUISH-1 Phase 3 trial for the drug candidate VK2735 ahead of schedule. Furthermore, the trial enrolled a larger patient cohort than initially planned.
This achievement accelerates the timeline for upcoming key milestones:
* VANQUISH-2: Patient recruitment is projected to conclude in the first quarter of 2026.
* Maintenance Study: Data from this study are anticipated by mid-2026.
* Oral Formulation: Phase 2 results for the tablet version demonstrated weight loss of up to 12.2% over a 13-week period.
Should investors sell immediately? Or is it worth buying Viking Therapeutics?
The oral formulation is seen as holding significant commercial potential, given patient preference for pills over injections and the relative simplicity of its manufacturing and distribution.
Financials Reflect Aggressive Investment
The company’s rapid clinical advancement comes at a substantial cost. While Viking reported a solid cash position exceeding $700 million at the end of the third quarter of 2025, its losses widened considerably.
The net loss for Q3 2025 was $90.8 million, a sharp increase from the $24.9 million loss recorded in the same period the previous year. This was primarily driven by a surge in research and development expenses, which ballooned to $90 million. Management has expressed confidence that existing capital reserves are sufficient to fund operations through the release of Phase 3 data.
With a market capitalization of approximately $4 billion and an average analyst price target of $93, market observers continue to see substantial upside potential. The primary catalysts for the share price in the near term will likely be clinical data expected in the first half of 2026, coupled with ongoing merger and acquisition activity within the sector.
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