Viking Therapeutics Stock Is Down 66% From Its Peak. Here’s What Comes Next.

Viking Therapeutics’ pipeline

All of which leads me to the key catalysts for the stock, starting with the long-term catalysts:

• The 78-week phase 3 trials of VK2735 (subcutaneous) are ongoing, with results unlikely until the third quarter of 2027.
• The phase 3 trials of VK2735 (oral), which are set to commence in the fourth quarter of 2026, aren’t likely to yield results until 2028 or even 2029.

Clearly, the key results from these trials are still some time away, and the stock is likely to remain volatile until they are released. Still, there are some near-term catalysts for the stock that investors need to be aware of.

• Management needs to announce the initiation of the oral phase 3 program in the fourth quarter.
• Viking has a 180-subject phase 1 maintenance dosing trial that is due to report results imminently.

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The maintenance trial (a 19-week subcutaneous dose or placebo, followed by 12 weeks across a range of doses, including oral dosing) will provide data that could help support a dual-formulation strategy. For example, the phase 2 trial results for VK2735 (oral) included some disappointing safety and tolerability data, which caused the stock to crash in the summer of 2025. Some positive news on tolerability in the transition from subcutaneous to oral applications would improve sentiment toward the stock and VK2735.

What’s next for Viking Therapeutics?

What really matters is the phase 3 trial results relative to rivals’, and they won’t come for a while. As such, any disappointing news from the maintenance trial needs to be put into context, as does any positive news. The debate over Viking Therapeutics won’t end with the phase 1 results, but they are likely to impact the stock price in the near term.