Viking Therapeutics has reached a significant clinical milestone, completing patient enrollment for its second Phase 3 trial. With the VANQUISH-2 study now fully enrolled, both registration-enabling trials for the subcutaneous VK2735 program are active, paving the way for critical results expected in 2027.
A Divergence Between Clinical Progress and Market Valuation
Despite this clinical advancement, a notable gap exists between the company’s operational progress and its current market valuation. Viking’s shares are trading around $32.52, a figure that stands in stark contrast to the average analyst price target of $92.72. The company’s market capitalization is approximately $3.76 billion.
This consensus price target raises questions about potential undervaluation, should the 2027 data meet expectations. Market analysts acknowledge the long-term potential but also advise caution. Their notes reference increased operational expenditures and revised earnings estimates following a wider-than-anticipated quarterly loss. The market awaits the next quarterly financial report, scheduled for April 29, 2026.
VANQUISH-2: Targeting a Complex Patient Population
The VANQUISH-2 trial distinguishes itself from its counterpart, VANQUISH-1, through its patient cohort. This study involves roughly 1,000 adults diagnosed with type 2 diabetes who also have obesity or are overweight—a group representing a higher metabolic burden. The trial design spans 78 weeks, including a 52-week extension phase, and is evaluating three dosage levels of VK2735 (7.5 mg, 12.5 mg, and 17.5 mg) against a placebo.
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VANQUISH-1, which does not focus on diabetic patients, finished its recruitment process in November 2025. The foundation for both these late-stage studies is built upon Phase 2 data from the VENTURE trial. In that earlier study, participants achieved a mean weight reduction of up to 14.7% after 13 weeks, with no observed plateau in effect and a side-effect profile characterized predominantly by mild events.
Expanding the Pipeline: Oral Formulation and Parallel Studies
Viking’s development strategy extends beyond the injectable formulation of its drug candidate. The company plans to initiate a Phase 3 study for an oral version of VK2735—also a GLP-1/GIP dual agonist—in the third quarter of 2026. Concurrently, results from a Phase 1 study investigating an oral maintenance dose are anticipated.
By the end of 2026, Viking aims to be managing four parallel late-stage clinical studies. To support this ambitious clinical timeline and future commercial needs, the company has already secured a manufacturing agreement with CordenPharma for the large-scale production of VK2735. The coming twelve months will be data-driven, offering evidence on whether the current disparity between the share price and analyst targets is justified.
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