New York, June 23, 2026, 15:07 ET
Viking Therapeutics shares rose sharply in Tuesday afternoon trading, climbing 6.0% to $34.30 as investors moved back into the clinical-stage biotech ahead of expected updates on its lead obesity-drug program. The Nasdaq-listed stock traded as high as $35.90 after opening at $31.76, with volume above 5.1 million shares.
The move mattered because Viking is no longer just an early obesity-drug story. Its lead candidate, VK2735, is in Phase 3 testing — late-stage trials generally used to support a regulatory filing — and the company has told investors it expects data from a maintenance-dosing study in the third quarter of 2026.
The gain also stood out on a weak tape. The Nasdaq and S&P 500 fell Tuesday as a tech-led selloff hit U.S. equities, with Reuters reporting earlier that chip shares were leading the decline and the Nasdaq Composite was down 1.7% at 11:15 a.m. ET.
There was no fresh company announcement on Viking’s press-release feed Tuesday. The latest listed release was June 11, when Viking named Hubert C. Chen, M.D., chief medical officer; Chief Executive Brian Lian called it a “critical time” to expand the leadership team as VK2735 moved toward potential commercialization. Viking Therapeutics InvestorRoom
VK2735 is designed to activate GLP-1 and GIP, gut-hormone pathways involved in appetite and blood-sugar control. Viking said earlier this year that its injectable Phase 3 VANQUISH-1 and VANQUISH-2 obesity trials were fully enrolled, while Phase 3 trials of the oral tablet formulation were expected to begin in the fourth quarter.
Lian said in April the company was trying to introduce what it called the first obesity treatment with both oral and subcutaneous dual GLP-1/GIP formulations, adding that maintenance-dosing data were expected in the third quarter. The same update showed Viking held $603 million in cash, cash equivalents and short-term investments at March 31, down from $706 million at year-end.
The competitive frame is still harsh. Reuters has reported that the weight-loss drug market is dominated by Novo Nordisk and Eli Lilly and that analysts expect the sector to generate about $100 billion in annual sales in the next decade. Viking, unlike those larger rivals, has no approved obesity product.
Lilly’s push remains a live benchmark for investors. The company expects to launch its weight-loss pill in Europe and Britain in the second half of 2026 or early 2027, targeting the out-of-pocket telehealth market, Reuters reported Tuesday.
But the stock’s rally leaves little room for a messy readout. In its latest quarterly filing, Viking said it has not generated revenue since inception, and warned that earlier trial results may not predict later-stage outcomes; delays, safety issues or weaker efficacy could slow approval, raise costs and pressure the share price.
For now, the trade is simple enough: investors are paying up for optionality in a crowded obesity market. The next test is whether VK2735 can show data clean enough to keep Viking in the race.
