Viking Completes Enrollment for 78-Week Phase 3 Trial
Viking Therapeutics announced on March 26, 2026, the full enrollment of its Phase 3 VANQUISH-2 clinical trial. The 78-week study evaluates the subcutaneous formulation of VK2735, a dual GLP-1 and GIP receptor agonist, in adults with obesity and Type 2 diabetes. This milestone marks tangible progress in the company's race to enter the multi-billion dollar anti-obesity drug market, advancing a key candidate designed for both subcutaneous and oral administration.
Market Pressure Builds with 22% Short Interest Before Q3 Data
Investor focus now shifts to a series of high-stakes catalysts, creating a period of heightened volatility for Viking's stock. The investment thesis has become a binary bet on clinical trial outcomes, a sentiment reflected in a recent analyst downgrade on March 19 from “Buy” to “Hold.” Market skepticism is significant, with short interest standing at 21.95% of the float. However, the broader analyst consensus remains a “Moderate Buy,” with an average price target of $87.80 implying a 159% upside from a recent trading price of $33.92. The most immediate test will be the release of Phase 1 maintenance data in the third quarter of 2026, which will offer early insights into VK2735's long-term efficacy and dosing potential.
Viking Builds for 2026 Launch as Rivals Advance
While navigating clinical hurdles, Viking is aggressively preparing for a potential commercial launch. The company has secured a manufacturing agreement with CordenPharma to produce over one billion oral tablets and 100 million auto-injectors annually starting in 2026. This preparation occurs as the competitive landscape intensifies, with the FDA approving a higher-dose version of Novo Nordisk’s Wegovy and a decision on Eli Lilly’s oral drug, Orforglipron, expected by April 2026. Viking is funding these parallel efforts with a robust cash position of approximately $700 million, even as its research and development spending increased to $153.5 million in the fourth quarter of 2025.
