- Morgan Stanley kept an ‘Overweight’ rating with a $99 target, while Raymond James reiterated a ‘Strong Buy’ with a $118 target.
- Raymond James tied Viking’s oral VK2735 to strong early demand for Novo Nordisk’s newly launched Wegovy tablet.
- Viking plans to start Phase 3 trials for oral VK2735 in Q3 2026 after encouraging mid-stage weight-loss data.
Shares of Viking Therapeutics (VKTX) are back on traders’ radar as Wall Street pointed to nearly 300% upside in the stock, positioning its oral obesity pill as a potential beneficiary of the strong early uptake seen in Novo Nordisk’s newly launched Wegovy tablet.
VKTX stock jumped nearly 7% on Thursday to hit its highest level in over three weeks, and extended gains slightly after-hours.
Wall Street View On VKTX
Morgan Stanley lowered its price target to $99 from $102 and maintained an ‘Overweight’ rating, implying a 225% upside from the stock’s last close.
Raymond James cut its target to $118 from $122 and reiterated a ‘Strong Buy’ rating, implying a 287% upside from current levels. The firm pointed to Novo Nordisk’s early oral obesity pill prescription data as a sign of demand for pill-based GLP-1 therapies, according to a report by Investing.
It also cited Viking’s late-stage subcutaneous and oral VK2735 programs and its amylin agonist expected to enter clinical testing later this year.
Novo’s Wegovy Pill Highlights Oral Demand
Earlier this month, Novo Nordisk said demand for its oral Wegovy pill got off to a strong start after launching in the U.S. in early January. By January 23, less than three weeks post-launch, about 50,000 prescriptions were being filled weekly, with more than 170,000 patients on therapy.
Mike Doustdar said more than 240,000 people in the U.S. have already begun taking the medication, calling it one of the most successful rollouts in the industry. To meet rising demand, Novo is expanding manufacturing at its facility in Athlone, Ireland, to supply markets outside the U.S
Roughly 90% of prescriptions were paid out of pocket, and most were for the starter dose. On an investor call, Novo Nordisk U.S. President David Moore said early uptake was more than twice that of any prior U.S. weight-loss drug launch and that most prescriptions appeared to be from patients new to these medications. The starter dose is priced at $149 per month in cash, compared with about $349 per month for the injectable version.
Oral Obesity Pill Advances Toward Phase 3
Viking said that it plans to initiate Phase 3 development of oral VK2735 in the third quarter of 2026, following an end-of-Phase 2 meeting with the FDA.
In a mid-stage clinical study of its oral obesity pill, Viking said patients lost as much as 12.2% of their body weight in just 13 weeks.
Viking also pointed to follow-up data showing that patients continued to lose weight even after their dose was reduced. The company said the drug stays active in the body for longer than many alternatives, which could allow more flexible dosing and make it easier for patients to switch between the pill and the injectable version without changing drugs, since both use the same active compound.
Maintenance Dosing Data Set For 2026
The subcutaneous version of VK2735 is being evaluated in the Phase 3 Vanquish program. Vanquish-1 has completed enrollment ahead of schedule, while Vanquish-2 is nearing full enrollment. Both studies assess percent change in body weight after 78 weeks.
Viking has also completed enrollment in a Phase 1 maintenance dosing study evaluating monthly, biweekly and weekly injections, as well as daily and weekly oral regimens. Results are expected in the third quarter of 2026. The company recently completed a bioequivalence study to support an auto-injector and plans to introduce it into the Vanquish program this quarter.
VKTX Q4 Review
For the fourth quarter of 2025, Viking reported a loss of $1.38 per share, driven by higher research and development spending. Full-year R&D expenses rose to $345 million as multiple late-stage programs advanced.
Viking ended 2025 with $706 million in cash, cash equivalents and short-term investments, which the company said is sufficient to fund ongoing Phase 3 trials, maintenance data readouts and the planned oral Phase 3 program.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment for VKTX, long a favorite among biotech investors for takeover speculation, was ‘bullish’ amid ‘extremely high’ message volume.
One user said big pharma is now far more selective on obesity deals, suggesting only those willing to pay a “massive” premium will move once drug differences are clear. “Been in VK for years and been best biotech outcome for me”
Another user said, “Maintenance dosing trial (Q3 2026) should offer us a very good opportunity to re-rate the stock price upward.”
VKTX stock has risen 4% over the past 12 months.
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