VKTX Stock Slips Overnight: Investors Pin Hopes On Fresh Weight-Loss Data As Pfizer Joins Eli Lilly, Novo In GLP-1 War

• The drugmaker said both late-stage Vanquish studies are fully enrolled ahead of schedule.
• EO Brian Lian said Viking expects to have four late-stage trials underway by the end of 2026.
• Competition in the obesity-drug market intensified after Pfizer highlighted obesity therapies as a future growth driver in its recent earnings update.

Shares of Viking Therapeutics (VKTX) slipped in overnight trading on Wednesday as Wall Street looked toward fresh obesity data after a weak quarterly report and rising pressure from heavyweight GLP-1 rivals, including Pfizer, Eli Lilly and Novo Nordisk.

VKTX stock fell more than 1% on Tuesday, ending at $31.31. Shares fell another 1% in extended trading. 

Fresh Viking Trial Details Due Next Week

Viking said on Tuesday that it will present two posters on its obesity candidate, VK2735, at the European Congress on Obesity (ECO) 2026 in Istanbul next week. One presentation will include new data from the 13-week Phase 2 Venture-Oral study evaluating oral VK2735, focusing on weight loss, safety and tolerability. The second will highlight enrollment demographics and trial design details from the ongoing Phase 3 Vanquish-1 study of injectable VK2735 in adults with obesity or weight-related conditions.

VK2735 is a weight-loss and metabolic disease drug that targets two hormones linked to appetite control and blood sugar regulation. Viking is developing the treatment in both pill and injectable forms. The drug class has become one of the fastest-growing areas in biotech, driven by blockbuster demand for Lilly’s Zepbound and Mounjaro and Novo Nordisk’s Wegovy and Ozempic.

Viking Tries To Defend GLP-1 Position

The new obesity data presentations come shortly after Viking reported increased losses and research spending to expand its obesity pipeline. Last week, Viking reported a first-quarter (Q1) net loss of $158.3 million, or $1.37 per share, more than triple the $45.6 million loss recorded a year earlier. Research and development expenses jumped to $150.2 million from $41.4 million as the company accelerated Phase 3 obesity trials.

Despite the higher spending, Viking said both late-stage Vanquish studies for injectable VK2735 are now fully enrolled ahead of schedule. One trial enrolled over 4,500 patients, while another enrolled 1,000 patients. The company also plans to launch a Phase 3 trial of oral VK2735 in the fourth quarter, following positive feedback from the FDA.

CEO Brian Lian recently said the company expects to have four late-stage trials underway by the end of 2026. “2025 was a big year for us. 2026 is gonna be a big year as well,” Lian said in March. Viking has also expanded beyond VK2735 with VK3019, an amylin agonist candidate for obesity in patients who may not tolerate GLP-1 drugs well. Lian said earlier animal testing showed promising signals against Novo Nordisk’s amylin candidate and even Viking’s own lead obesity therapy.

“When we looked at data in rodents, it seemed to be better than Cagrilintide,” Lian said. He also added that in obese monkeys, VK3019 “seemed to provide better weight loss than VK2735.”

Pfizer Adds Fresh Pressure To Obesity Race

The competitive pressure in obesity drugs intensified after Pfizer highlighted obesity therapies as a major future growth driver during its quarterly results. Pfizer said obesity drugs acquired through its $10 billion Metsera deal could drive stronger company growth after 2028. CEO Albert Bourla said that he was encouraged by the company’s obesity pipeline and broader market opportunity after seeing strong global demand for Lilly’s GLP-1 drugs.

In February, Pfizer reported mid-stage data showing that its once-monthly obesity injection helped patients lose up to 12.3% of body weight at week 28. Pfizer’s entry adds to a crowded obesity-drug market where companies are now racing across oral pills, injectable therapies, monthly dosing approaches and combination treatments.

The pressure has also intensified as investors monitor safety and commercial trends across the broader GLP-1 market. This week, traders weighed reports of a liver-failure case involving Lilly’s recently launched oral GLP-1 pill Foundayo.

How Do Retail Traders Feel About VKTX?

On Stocktwits, retail sentiment for VKTX was ‘extremely bullish’ amid a 700% surge in 24-hour message volumes.

One user said VKTX and “its leading asset in both Subq and Oral formulation is extraordinarily de risked..They will either be bought or go it alone, both of which are extremely successful routes.”

Another user said, “If Wegovy ORAL can capture 50K in It's first 3wks on the market despite all the strict dietary restrictions & food intake regimen associated with its label, Imagine what VK2735 ORAL can capture especially as a maintenance regimen following SC induction.”

VKTX stock has risen 6% over the past year.

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