• In January 2026, Viking Therapeutics reported published Phase 2 VENTURE trial data for its dual GLP-1/GIP agonist VK2735, showing statistically significant weight loss in people with obesity and a generally mild to moderate side-effect profile.
• The update also confirmed full enrollment of the large VANQUISH-1 Phase 3 obesity trial, ongoing VANQUISH-2 in type 2 diabetes, and a separate maintenance dosing study that could shape how VK2735 is used long term if approved.
• We’ll now examine how the published Phase 2 VK2735 results and Phase 3 trial progress may reshape Viking Therapeutics’ investment narrative.

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What Is Viking Therapeutics' Investment Narrative?

For Viking Therapeutics, the big-picture bet is that VK2735 can carve out a meaningful place in the obesity and metabolic disease market before its cash runway and investor patience run thin. The newly published Phase 2 VENTURE data, showing statistically significant weight loss with a mostly mild-to-moderate side effect profile, helps shore up confidence in the program after a volatile 2025 and supports VK2735 as the clear near-term catalyst alongside the 78-week VANQUISH-1 and VANQUISH-2 Phase 3 readouts. It also makes the maintenance dosing study more relevant, since it could influence how durable any commercial opportunity might be. That said, Viking still has zero revenue, rising losses, no near-term path to profitability and a valuation that already prices in a lot of future success, so execution risk around VK2735 remains high.

However, investors should be aware of how dependent Viking is on VK2735’s clinical and commercial trajectory. Despite retreating, Viking Therapeutics' shares might still be trading above their fair value and there could be some more downside. Discover how much.

Exploring Other Perspectives

The Simply Wall St Community’s 26 fair value estimates for Viking span roughly US$28 to a very large US$276 per share, underlining how far apart views are. Set those wide opinions against Viking’s single-product concentration risk and upcoming VK2735 Phase 3 milestones, and you can see why it helps to review several alternative viewpoints before forming your own stance.

Explore 26 other fair value estimates on Viking Therapeutics - why the stock might be worth 14% less than the current price!

Build Your Own Viking Therapeutics Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Viking Therapeutics research is our analysis highlighting 1 key reward and 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.