VKTX Stock Today, November 25, 2025: Can Viking Therapeutics Keep Riding the Obesity Drug Wave?

Viking Therapeutics (NASDAQ: VKTX) heads into the Tuesday, November 25, 2025 session trading in the mid‑$30s, still digesting last week’s major milestone: the company has finished enrolling patients in its pivotal Phase 3 obesity trial VANQUISH‑1 ahead of schedule and above its original target. ^[1]

As of yesterday’s close (Monday, November 24), VKTX changed hands at $34.65, implying a market capitalization of roughly $3.9 billion. ^[2] Shares sit well below their 52‑week high of $56.25, but far above the 52‑week low of $18.92, underscoring how volatile the weight‑loss drug trade has become. ^[3]

With Phase 3 trials of its GLP‑1/GIP obesity candidate VK2735 now fully underway and short interest still elevated, VKTX is squarely on the radar of both growth investors and short‑sellers as trading begins today. ^[4]

1. Where VKTX Stock Stands Right Now

Price, valuation and trading range

Key snapshot heading into the November 25 session:

• Last close: $34.65 (Nov 24, 2025) ^[5]
• Market cap: ≈ $3.9 billion ^[6]
• 52‑week range: $18.92 – $56.25 ^[7]
• Position vs range: about 38% below the 52‑week high and ~83% above the 52‑week low (based on the $34.65 close)
• Average daily volume: around 2.3 million shares ^[8]

Performance has been choppy:

• Over the past 6 months, VKTX is up roughly 25–26%, helped by accelerating obesity data and the start of Phase 3. ^[9]
• Over the past 12 months, however, the stock is still down around 35%, reflecting a sharp pullback from early‑year euphoria in the GLP‑1 trade. ^[10]

On the fundamentals side, Viking still has no approved products and no product revenue, so traditional metrics like P/E are negative and not very informative. ^[11] The investment case remains almost entirely about the pipeline – especially VK2735 – rather than current earnings.

2. Why Viking Is an Obesity-Drug Story First

VK2735: dual GLP‑1/GIP agonist in the GLP‑1 “arms race”

Viking’s lead asset VK2735 is a dual agonist of the GLP‑1 and GIP receptors, putting it in the same mechanistic family as Eli Lilly’s tirzepatide (Mounjaro/Zepbound). ^[12] The company is pursuing both:

• a once‑weekly subcutaneous injection, and
• an oral tablet formulation, using the same molecule in both forms. ^[13]

This single‑molecule dual‑form strategy is important: if both injection and tablet share the same safety profile, switching patients from a shot to a maintenance pill could be smoother than switching between different drugs.

Phase 2 results: big weight loss in both injectable and oral forms

In its Phase 2 VENTURE trial of subcutaneous VK2735 in obesity, Viking reported: ^[14]

• Up to 14.7% mean body‑weight reduction after 13 weekly injections
• Clear separation from placebo with no signs of plateau at 13 weeks
• Side effects mainly mild or moderate, with a tolerability profile broadly in line with other incretin drugs

Viking then followed with the VENTURE‑Oral Phase 2 trial testing a tablet version of VK2735: ^[15]

• Up to 12.2% mean weight loss after 13 weeks vs ~1.3% on placebo
• Up to 97% of treated patients achieved ≥5% weight loss
• Up to 80% achieved ≥10% weight loss
• Gastrointestinal side effects (typical for GLP‑1 class drugs) were overwhelmingly mild or moderate (~99%)

Those numbers put VK2735 firmly in the conversation with the current leaders in obesity treatment, at least over the first 3 months of therapy, though the data are still early‑stage and involve smaller cohorts than fully powered Phase 3 trials.

Cardiometabolic benefits beyond the scale

At ObesityWeek® 2025, Viking highlighted exploratory analyses from VENTURE showing that VK2735’s benefits extend beyond pure weight loss. ^[16]

In VK2735‑treated patients:

• Roughly three‑quarters of prediabetic participants reverted to normal glycemic status after 13 weeks, versus roughly one‑third on placebo.
• Around two‑thirds of patients with metabolic syndrome no longer met the criteria after treatment, compared with a notably lower rate in the placebo group.

For investors, that matters because payers and regulators increasingly look at cardiometabolic outcomes, not just weight‑loss percentages, when evaluating obesity therapies.

3. Fresh Catalyst: VANQUISH‑1 Phase 3 Enrollment Now Complete

The main headline for VKTX into today’s trading session is clear: VANQUISH‑1 enrollment is done.

On November 19, 2025, Viking announced that it had completed patient enrollment in VANQUISH‑1, its first Phase 3 trial of subcutaneous VK2735 in obesity: ^[17]

• ~4,650 adults enrolled, above the original target of ~4,500
• Patients have BMI ≥30, or BMI ≥27 with at least one weight‑related comorbidity
• Weekly dosing for 78 weeks, randomized to:
  • VK2735 7.5 mg
  • VK2735 12.5 mg
  • VK2735 17.5 mg
  • Placebo

The primary endpoint is percent change in body weight at 78 weeks vs placebo. Secondary endpoints include the percentage of patients reaching ≥5%, ≥10%, ≥15%, and ≥20% weight loss, along with broader safety and quality‑of‑life measures. ^[18]

Enrollment finishing ahead of schedule and above target supports two bullish narratives:

1. Strong patient and physician interest in VK2735 and incretin‑based obesity therapies generally. ^[19]
2. Execution credibility – starting a large Phase 3 program in June 2025 and filling more than 4,600 slots by November is unusually fast for a complex obesity trial. ^[20]

In parallel, Viking is running VANQUISH‑2 in about 1,100 adults who have both type 2 diabetes and obesity. Enrollment there is expected to complete in the first quarter of 2026, giving the company two large datasets spanning pure obesity and obesity with diabetes. ^[21]

Because each VANQUISH trial runs 78 weeks before the primary analysis, top‑line Phase 3 data are still a multi‑year event, even though enrollment is now in the rear‑view mirror. Management has indicated that its current cash balance should comfortably fund the company through those Phase 3 readouts, which is an important de‑risking point for long‑term holders. ^[22]

4. A Closer Look at the Financials

Q3 2025: spending ramps with Phase 3

Viking’s most recent reported quarter is Q3 2025, covering the period ended September 30. Key figures: ^[23]

• R&D expense: $90.0 million, up sharply from $22.8 million in the year‑ago quarter
• G&A expense: $8.6 million vs $13.8 million a year earlier
• Net loss (Q3): $90.8 million, or $0.81 per share, compared with a $24.9 million loss (–$0.22 per share) in Q3 2024
• Net loss (first 9 months of 2025): about $202.0 million (–$1.80 per share)

The jump in R&D spend is primarily tied to:

• Phase 3 VANQUISH obesity program
• Phase 2 oral VK2735 work
• Manufacturing scale‑up and broader pipeline activities

Cash position and runway

As of September 30, 2025, Viking held approximately $715 million in cash, cash equivalents and short‑term investments. ^[24]

At recent quarterly burn rates, that’s a substantial cushion. In a recent investor presentation, management suggested that this balance should support operations through the Phase 3 VK2735 data readouts, even as the company also advances: ^[25]

• VK2809, a thyroid hormone receptor‑β agonist with positive Phase 2b data in NASH/fibrosis and earlier‑stage data in NAFLD and LDL‑C reduction ^[26]
• VK0214, for X‑linked adrenoleukodystrophy (X‑ALD), which has shown encouraging biomarker changes and safety in Phase 1b ^[27]
• A newer dual amylin/calcitonin receptor agonist (DACRA) program aimed at obesity and metabolic disease, expected to generate an IND‑enabling package in the coming quarters ^[28]

From a balance‑sheet perspective, Viking looks well‑funded for its current clinical plans, though further capital raises remain possible as it approaches commercialization or expands its pipeline.

5. Sentiment Check: Analysts, Price Targets and Short Interest

Analyst ratings skew bullish

Across Wall Street, sentiment on VKTX remains broadly positive:

• Data from one aggregator show an average analyst price target of about $87 per share, implying roughly 150% upside from yesterday’s close. The overall rating is “Strong Buy.” ^[29]
• H.C. Wainwright recently reiterated a Buy rating with a $102 price target following the VANQUISH‑1 enrollment news. ^[30]
• Cantor Fitzgerald has maintained an Overweight rating and lifted its target to $105, calling recent updates the most positive since initiating coverage. ^[31]
• Canaccord Genuity has initiated coverage with a Buy rating and a $106 target, highlighting Viking as a potential leader in next‑generation obesity therapeutics. ^[32]

These targets aren’t guarantees, but they frame how professional analysts are modeling the risk–reward profile if VK2735 succeeds.

High short interest keeps volatility elevated

At the same time, Viking is a popular short:

• Roughly 23–24% of the free float is sold short, according to recent estimates – a very high level by biotech standards. ^[33]

Commentary from market watchers has highlighted VKTX as one of a handful of “explosive” high‑short‑interest names, with the stock having run from around $25 to the mid‑$30s since late summer as obesity optimism returned. ^[34]

High short interest cuts both ways:

• It signals skepticism about valuation, competitive threats, or trial risk.
• But it also creates the potential for short squeezes around positive catalysts, particularly if volume spikes on good data or buyout rumors.

Technical backdrop: strong but volatile momentum

Investor’s Business Daily recently noted that VKTX’s Relative Strength (RS) Rating has climbed into the high 80s, meaning the stock has outperformed the bulk of the market over the past 52 weeks. ^[35]

At the same time, a separate IBD piece pointed out that:

• Shares had climbed about 62% since August before pulling back roughly 4–5% to around $36 when the VANQUISH‑1 over‑enrollment news hit, undercutting a prior “buy zone.” ^[36]

For traders, that combination – strong relative performance plus recent pullback and high short interest – makes VKTX a name to watch for sharp moves in either direction.

6. Other Moving Pieces in the VKTX Story

Maintenance dosing and combination strategies

Beyond VANQUISH‑1 and VANQUISH‑2, Viking is already exploring how VK2735 might fit into longer‑term treatment plans:

• A 31‑week maintenance dosing study in about 180 patients is testing whether patients who lose weight on injectable VK2735 can maintain results using:
  • a monthly subcutaneous regimen,
  • weekly or daily oral dosing, or
  • placebo. ^[37]
• Results from this maintenance study are expected around mid‑2026, and could differentiate VK2735 as a flexible, “shot‑to‑pill” platform if data hold up.

Viking has also flagged plans for an amylin/calcitonin receptor agonist program that could ultimately support quadruple‑mechanism combinations (for example, pairing a DACRA with VK2735) to push weight loss or metabolic benefits even further. ^[38]

Broader pipeline value

While the market is currently laser‑focused on obesity, the VK2809 NASH program and VK0214 rare‑disease program give Viking:

• Option value in adjacent, large markets (NASH/NAFLD)
• A foothold in a rare disease indication (X‑ALD) where commercial dynamics look very different from the crowded obesity arena ^[39]

If VK2735 ultimately proves competitive but not best‑in‑class, these additional assets could still support strategic interest from larger pharma partners.

7. Key Risks for VKTX Investors

Even with strong data and bullish analyst targets, VKTX remains a high‑risk biotech stock. Some of the main risk factors:

1. Clinical risk
   • The vast majority of Viking’s value is tied to VK2735 and a handful of other pipeline assets.
   • Failure to replicate Phase 2 efficacy, or the emergence of new safety signals in Phase 3, could severely damage the thesis. ^[40]
2. Regulatory risk
   • Even successful Phase 3 trials must clear FDA and global regulatory hurdles.
   • The bar for obesity drugs is rising as real‑world safety data accumulate on existing GLP‑1s.
3. Competitive pressure
   • Viking is competing against deep‑pocketed giants like Novo Nordisk and Eli Lilly, which already have blockbuster GLP‑1 franchises and follow‑on candidates such as amycretin and other combinational agents. ^[41]
   • Payer negotiations, pricing, and access could be challenging if multiple similar drugs crowd the market.
4. Financing and dilution
   • While Viking’s current cash balance appears sufficient for planned data readouts, commercialization or expanded R&D could require future equity raises or partnerships, diluting existing shareholders. ^[42]
5. Valuation swings driven by sentiment
   • With high short interest and a heavy retail following, VKTX is likely to remain volatile around news, sometimes disconnected from fundamentals in the short term. ^[43]

8. What to Watch in VKTX Stock Today (11‑25‑2025)

With no fresh company‑specific press release on the tape this morning, today’s VKTX action is likely to revolve around ongoing digestion of the VANQUISH‑1 news, sector sentiment and broader market risk appetite.

Items for traders and investors to keep an eye on:

• Price action vs. the $34–36 band
  • This has been a recent congestion area following the VANQUISH‑1 enrollment headlines. How VKTX behaves around this zone can hint at whether buyers or sellers are in control near‑term. ^[44]
• Volume vs. its ~2.3M‑share daily average
  • Elevated volume on up‑moves can signal institutional accumulation or short covering; heavy volume on down days may point to renewed de‑risking. ^[45]
• GLP‑1 peer moves
  • Big swings in Lilly or Novo Nordisk on obesity‑drug headlines often spill over into smaller players like Viking – sometimes regardless of company‑specific news.
• Any new analyst notes or conference commentary
  • Viking is slated to appear at multiple healthcare conferences into year‑end, and incremental remarks about trial timelines, regulatory strategy, or commercialization plans could move the stock. ^[46]

For longer‑term investors, the core questions are less about today’s tick‑by‑tick action and more about:

• Whether VK2735 can deliver competitive, durable, and safe weight‑loss outcomes in large, long‑duration Phase 3 trials
• How Viking positions itself – as an independent commercial player or as a takeover or partnership candidate for a larger pharma company ^[47]

9. Bottom Line

Heading into trading on November 25, 2025, VKTX sits at an interesting crossroads:

• Fundamentally, Viking has:
  • Compelling Phase 2 data in both injectable and oral obesity formulations
  • Phase 3 obesity trials now fully enrolled
  • A substantial cash runway and a broader metabolic/rare‑disease pipeline
• From a market perspective, the stock:
  • Trades far below its 52‑week high but well above its lows
  • Carries high short interest and strong (but not unanimous) analyst support
  • Remains highly sensitive to obesity‑drug headlines and risk sentiment

For traders, VKTX is likely to remain a high‑beta vehicle for expressing views on the obesity‑drug theme. For longer‑term investors, it’s a clinical‑stage bet that hinges on execution in Phase 3, competitive dynamics with GLP‑1 leaders, and Viking’s ability to convert promising mid‑stage data into real‑world outcomes and, eventually, revenue.

As always, this overview is informational only and is not investment advice. Anyone considering VKTX stock should carefully evaluate their own risk tolerance, time horizon, and diversification, and consider consulting a qualified financial professional before making investment decisions.

References

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