Shares of Viking Therapeutics have lost ground after a strong run earlier in 2024, with the stock down almost 66% from its peak and down about 8.4% so far in 2026. The company’s valuation remains sensitive to progress in obesity and type 2 diabetes drug development, and investors are watching upcoming clinical milestones—especially those tied to VK2735’s transition from trials into later-stage readouts.
Viking’s pipeline centers on VK2735, a dual GLP-1 and GIP agonist being developed in both subcutaneous and oral forms. While the competitive landscape includes large-cap peers such as Eli Lilly and Novo Nordisk, Viking’s strategy—and the timing of key trial events—continues to shape expectations for how quickly it can deliver efficacy and address tolerability.
Key takeaways
- Price move: Viking Therapeutics shares are down almost 66% from their early-2024 peak and about 8.4% in 2026.
- Catalyst watch: Near-term signals hinge on updates connected to VK2735’s oral program and a maintenance dosing trial expected to report results soon.
- Pipeline timeline: Larger rerating moments are tied to phase 3 results, including subcutaneous data expected in the third quarter of 2027 and oral results later in 2028 or 2029.
- Implication for investors: Sentiment remains fragile because trial readouts and safety/tolerability details can quickly change expectations for the dual-formulation approach.
What investors are tracking in VK2735
VK2735 is designed for obesity and type 2 diabetes treatment, leveraging a dual mechanism targeting GLP-1 and GIP receptors. The development plan includes two formulations: an initial subcutaneous regimen followed by a more convenient oral maintenance dose.
Viking’s potential advantage, as characterized by the company’s development strategy, rests on two themes. First, the dual-formulation approach is intended to give patients an injectable option to begin therapy while enabling a later shift to oral dosing. Second, the company has pointed to clinical trial evidence suggesting a faster or steeper rate of weight loss than rival therapies, though the comparisons rely on different trial phases across companies.
Investors, however, are likely to treat any phase-specific signals as directional until phase 3 data provide confirmation. The article notes that VK2735 effectiveness discussions have drawn on phase 2 results, while the ultimate evaluation will depend on phase 3 outcomes—where differences in trial design can otherwise distort direct comparisons with Eli Lilly’s tirzepatide and Novo Nordisk’s semaglutide.
Pipeline timing and what could move the stock next
Because VK2735’s most consequential data are not immediate, the stock’s volatility is tied to interim milestones and updates that can shift expectations for both efficacy and tolerability.
- Long-term catalyst—subcutaneous phase 3: The company is running 78-week phase 3 trials of VK2735 in subcutaneous form, with results unlikely until the third quarter of 2027.
- Long-term catalyst—oral phase 3: Phase 3 trials for the oral formulation are set to start in the fourth quarter of 2026, with results potentially arriving in 2028 or as late as 2029.
Those long-range timelines mean the market will continue to focus on shorter-dated developments. The near-term items highlighted include the announcement of oral phase 3 program initiation in the fourth quarter of 2026 and results from a maintenance dosing trial expected “imminently” in the near term.
- Oral phase 3 initiation announcement: Management needs to confirm the start of the oral phase 3 program as scheduled.
- Phase 1 maintenance dosing results: Viking is conducting a 19-week phase 1 maintenance dosing study involving 180 subjects, designed to support the dual-formulation strategy.
Maintenance trial outcomes could influence sentiment
The maintenance study is structured around subcutaneous dosing for a period followed by an extended phase that spans multiple dosing levels, including oral dosing. The key investor takeaway is the trial’s potential to support Viking’s dual-formulation rationale by addressing tolerability and safety during the transition from injectable to oral therapy.
The article also points out that earlier phase 2 results for VK2735 oral dosing included safety and tolerability concerns, which contributed to a stock decline in summer 2025. Against that backdrop, any improvement in how patients tolerate the shift from subcutaneous to oral dosing could strengthen sentiment and reduce uncertainty around the company’s oral strategy.
At the same time, investors will likely weigh maintenance trial outcomes with care. Even if results are helpful for the program’s direction, they will not replace the need for phase 3 evidence to determine whether VK2735’s full therapeutic profile can compete effectively over longer periods and across broader patient populations.
What to watch as results approach
For Viking Therapeutics, the near-term narrative is likely to depend on the maintenance dosing trial readout and on confirmation of the oral phase 3 timeline. Over the longer term, the market will continue to anchor valuation to phase 3 outcomes for both subcutaneous and oral VK2735—first with results potentially in the third quarter of 2027 for the subcutaneous program, and later oral phase 3 data expected in 2028 or 2029.
