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    Will Upcoming Oral VK2735 Late-Stage Trials Change Viking Therapeutics' (VKTX) Obesity Drug Narrative?

    Simply Wall St·09/02/2026 17:24:01
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    • Earlier this quarter, Viking Therapeutics highlighted that it is awaiting early-stage maintenance study results for its obesity drug candidate VK2735 and plans to begin large late-stage trials of the pill formulation in the fourth quarter of 2026.
    • This focus on testing long-term maintenance regimens and advancing an oral version of VK2735 underscores Viking’s effort to match evolving patient preferences in obesity care.
    • We’ll now examine how the upcoming late-stage oral VK2735 trials could reshape Viking Therapeutics’ investment narrative and long-term potential.

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    Viking Therapeutics Investment Narrative Recap

    To own Viking Therapeutics, you need to believe VK2735 can successfully transition from promising trial data into an approved obesity franchise despite ongoing losses and dilution risk. The latest update on maintenance data and timing for late stage oral trials does not materially change the near term focus on VANQUISH Phase III readouts and the key risk that any delay, safety issue or underwhelming efficacy could extend the company’s pre revenue, high cash burn phase.

    Among recent developments, Viking’s July 2026 follow on equity raise of about US$159.6 million and filing for up to US$500.0 million in at the market stock sales directly ties into these VK2735 programs. Funding ongoing Phase III injectable trials alongside the planned pivotal oral studies supports the main potential catalysts around efficacy, safety and long term dosing data, but it also reinforces dilution as a central risk if timelines stretch or trial requirements expand.

    Yet while the most bullish analysts once modeled revenue of about US$497.5 million by 2029 and a very high implied PE multiple, the contrast with today’s cash burn, fresh equity raise and dependence on VK2735 highlights just how important it is for investors to understand how sensitive those forecasts are to...

    Read the full narrative on Viking Therapeutics (it's free!)

    Viking Therapeutics' narrative projects $118.5 million revenue and $12.9 million earnings by 2029. This requires an earnings increase of about $372.5 million from -$359.6 million today.

    Uncover how Viking Therapeutics' forecasts yield a $92.72 fair value, a 175% upside to its current price.

    Exploring Other Perspectives

    VKTX 1-Year Stock Price Chart
    VKTX 1-Year Stock Price Chart

    Some of the most optimistic analysts were assuming Viking could reach about US$497.5 million of revenue by 2029, which is far more ambitious than the baseline view and may look different once the new VK2735 maintenance data and oral timing are factored in, so you should weigh how comfortable you are with that kind of upside case before deciding what this stock means for your own portfolio.

    Explore 4 other fair value estimates on Viking Therapeutics - why the stock might be worth less than half the current price!

    Reach Your Own Conclusion

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

    • A great starting point for your Viking Therapeutics research is our analysis highlighting 3 important warning signs that could impact your investment decision.
    • Our free Viking Therapeutics research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Viking Therapeutics' overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.