VKTX Launches $500M Shelf After Full Enrollment Of Phase 3 Obesity Drug Study – Retail Bets On ‘Exceptionally Great Data’

• The company said that two Phase 3 trials for the injectable version have been fully enrolled, while two Phase 3 oral versions are expected to begin in the fourth quarter.
• Canaccord Genuity raised its price target to $114 and maintained a ‘Buy’ rating, after Viking posted its second-quarter results.
• As of June 30, 2026, Viking held $502 million in cash, cash equivalents, and short-term investments.

Viking Therapeutics (VKTX) was in focus on Thursday after the biotech company filed a shelf registration that would allow it to raise up to $500 million, giving it additional financial flexibility as it advances the development of its lead obesity candidate, VK2735.

The company said the proceeds would be used to support the continued development and commercialization of its lead obesity program VK2735, along with its other pipeline candidates for obesity and metabolic dysfunction-associated steatohepatitis (MASH), including VK3019, VK2809, VK0214, and VK5211.

Viking added that proceeds would also be used for research and development, working capital, and general corporate purposes.

Source: Viking Therapeutics

At the time of writing, VKTX stock was down over 3%, heading towards its worst month since January 2025.

Focus Remains On VK2735

VK2735 is being developed as both a weekly injectable treatment and a daily oral pill for obesity. On Wednesday, Viking said two Phase 3 Vanquish trials for the injectable version have been fully enrolled and progressing as planned, while two Phase 3 trials for the oral version are expected to begin in the fourth quarter of 2026.

In the earlier Phase 2 trial, the injectable version produced up to 15% average weight loss after 13 weekly doses, while the oral version achieved up to 12% average weight loss over 13 weeks.

Cash Position Remains Firm

While Viking Therapeutics’ second-quarter loss came in at $1.10 per share, it was narrower than consensus estimates of a loss of $1.25 per share, according to Fiscal.ai. The company remains pre-revenue. As of June 30, 2026, Viking held $502 million in cash, cash equivalents, and short-term investments.

Following the results, Canaccord Genuity raised its price target to $114 and maintained a ‘Buy’ rating, according to The Fly. This represents a 250% upside potential from current levels. The stock is heavily favored on Wall Street, with 18 of the 20 analysts covering the stock rating it a ‘Buy’ along with a 12-month consensus price target of $92.58.

Retail Calls VKTX’s $500M ATM A ‘Smart Move’

Retail sentiment on Stocktwits flipped to ‘bullish’ from ‘bearish’ amid ‘high’ message volumes.

One user called the $500 million ATM facility “a great thing,” adding that the company expects “exceptionally great data” that could potentially push the stock above $100.

Another user called it a “smart move,” as despite the cash runway into 2028, the ATM gives VKTX the flexibility to engage in “M&A activities of its own, for example.”

The stock is down around 8% so far this year.

Also read: MKTX Stock Headed For Biggest Single-Day Gain In Nearly 18 Years – What’s Driving Today’s Super Rally?

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