New York, January 14, 2026, 13:09 EST — Regular session underway.
- Shares of Viking Therapeutics jumped roughly 11% in midday trading amid rumors of a deal involving obesity drugs
- CEO Brian Lian mentioned that more players are “circling around the space” at the J.P. Morgan healthcare conference
- Viking highlighted newly released Phase 2 data for VK2735 as it pushes ahead with late-stage VANQUISH trials
Shares of Viking Therapeutics climbed roughly 11% on Wednesday, rising from a $30.44–$34.08 range to $34.06 by 1:09 p.m. EST. The move came amid renewed deal speculation in obesity treatments. CEO Brian Lian noted that interest was “broader than is visible” with more players “circling around the space.” Analysts put the potential market at $150 billion annually, and Pfizer’s $10 billion acquisition of Metsera last November has kept deal activity intense. 1
The timing is key. The J.P. Morgan Healthcare Conference, an annual hotspot for merger chatter and biotech moves, runs through Jan. 15 in San Francisco. It shines a spotlight on smaller obesity-drug makers, even without any official deals announced. 2
San Diego-based clinical-stage Viking reported that its Phase 2 VENTURE trial results for VK2735 have been published in Obesity, the journal of The Obesity Society. Patients given weekly injections experienced an average weight loss of up to 14.7% after 13 weeks, with no indication of a plateau, the company said. CEO Lian noted the publication broadens awareness of the data as Viking advances its VANQUISH Phase 3 program. He also mentioned VANQUISH-1 has been “over-enrolled,” while VANQUISH-2’s enrollment is expected to conclude in Q1 2026. 3
VK2735 targets both GLP-1 and GIP hormone receptors, key players in appetite and blood sugar regulation. Investors often put it in the same category as Novo Nordisk’s semaglutide and Eli Lilly’s tirzepatide, the leading drugs in today’s obesity treatment landscape.
Big names diverged on Wednesday. Eli Lilly dropped around 0.9%, while Novo Nordisk slid close to 2%. At the same time, the SPDR S&P Biotech ETF gained roughly 1.4%.
Right now, investors are focused on optionality. A solid late-stage obesity program could spark partnership deals, licensing discussions, or even a full buyout. Remarks like Lian’s—coming during a week when executives and bankers are all crowded into hotel lobbies—only add fuel to the fire.
The downside scenario is straightforward. Viking hasn’t got any approved drugs yet, and promising Phase 2 data doesn’t ensure Phase 3 will pan out. Any hiccup in efficacy, safety concerns, or delays in enrollment could quickly weigh on the stock. Plus, buzz around potential deals could vanish if big pharma decides to stay on the sidelines.
The upcoming conference is the next big trigger. Investors will be tuned in through Jan. 15, looking for new clues on Viking’s game plan—whether it’s partnering up, selling, or going solo. They’ll also be waiting for fresh obesity-drug deal news that could shake up valuations across the sector.
