New York, February 24, 2026, 07:24 EST — Premarket
- VKTX edged lower in premarket, pulling back after a strong surge the previous session.
- Novo Nordisk’s latest obesity-drug trial data has traders in the sector trying to make sense of the fallout.
- Next up for Viking: clinical updates and a slate of investor conference appearances in the near term.
Viking Therapeutics slipped 0.5% to $34.30 ahead of Tuesday’s open, following an 11.1% surge the day before that took the stock to a $34.46 close. Monday’s range ran from $32.50 up to $35.73, with roughly 5.68 million shares traded.
Sentiment in the weight-loss drug sector is pivoting rapidly. Smaller developers such as Viking have turned into quick, liquid bets for investors speculating on what follows the initial surge of blockbuster obesity treatments—who buyers might target, who misses out, and which players simply can’t keep up with production demand.
Churn accelerated after Novo Nordisk revealed its experimental obesity drug CagriSema didn’t match up to Eli Lilly’s tirzepatide in direct testing. CagriSema led to 23% average weight loss over 84 weeks—less than the 25.5% seen with Lilly’s drug. Novo shares tumbled roughly 15% after the announcement. One investor labeled the results a “worst-case scenario,” and Per Hansen at Nordnet described the gap as “very significant” for investors. Reuters
Viking is working on VK2735 for obesity, with both tablet and injectable forms in the pipeline. Earlier this month, the company said it aims to start late-stage trials of the oral tablet in the third quarter. Details on how the study will be structured are expected in the months ahead.
VK2735 hits GLP-1, the gut hormone pathway behind a number of weight-loss drugs, but it also goes after GIP, which plays a role in appetite and metabolism. The science is busy territory these days, and you can see it in the share price moves.
On deals, Viking CEO Brian Lian told the J.P. Morgan healthcare conference that strategic interest in weight-loss partnerships runs wider than most realize, with big pharma players scouting ways into the sector.
Viking remains a clinical-stage player, without any approved products to its name, and the stock reflects that reality. Trial schedules are slippery, safety or tolerability issues can crop up unexpectedly, and manufacturing headaches have a habit of surfacing just as the market starts to treat a drug as legitimate.
Investors are eyeing whether Monday’s spike in volume holds up through the regular session, or drops off after the Novo-versus-Lilly dynamic plays out. A new tidbit about Viking’s late-stage oral program could quickly swing the stock in either direction.
Viking’s calendar includes the Leerink Partners 2026 Global Healthcare Conference from March 8–11, then Jefferies’ Biotech on the Beach Summit, which runs March 10–11. After that, the Raymond James Biotech/BioPharma Conference lands on April 14. Those meetings line up as the most likely chances for Viking to share more about its obesity program.
