A New Obesity Drug Just Reached Human Trials. Here's What Comes Next

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Viking Therapeutics Inc (VKTX:NASDAQ) announced the initiation of a Phase 1 single ascending dose clinical trial evaluating VK3019, an investigational dual amylin and calcitonin receptor agonist being developed as a potential treatment option for weight loss.

According to the company, the study follows the filing and clearance of VK3019's investigational new drug application with the U.S. Food and Drug Administration.

The Phase 1 trial is a randomized, double-blind, placebo-controlled single ascending dose study in healthy adults with a body mass index of at least 30. The primary objectives are to evaluate the safety, tolerability, and pharmacokinetics of single subcutaneous doses of VK3019. Exploratory pharmacodynamic assessments include evaluations of changes in body weight following a single dose.

"The initiation of VK3019's Phase 1 study marks an important expansion of our portfolio of novel therapies designed to optimize the weight loss journey for patients and their physicians," Brian Lian, Ph.D., chief executive officer of Viking, said in a company news release.

The company said preclinical studies of its internally developed dual amylin and calcitonin receptor agonists demonstrated effects on body weight, food intake and metabolism in healthy rats and diet-induced obese mice compared to control-treated animals. According to Viking, the compounds reduced food intake in lean rats during the first 72 hours after a single dose, and after 72 hours, reduced body weight by up to 8% compared to controls.

Viking also stated that therapies targeting amylin and calcitonin receptors may potentially be used alone or in combination with GLP-1 or dual GLP-1/GIP agonists to improve the induction of weight loss and support longer-term weight management.

Biotechnology Sector: Stronger Capital Markets and Continued Innovation

According to the June 8 Biotechnology Market Size, Share & Industry Analysis report from Fortune Business Insights, the global biotechnology market was valued at US$1,376.1 billion in 2025 and was projected to reach US$1,491.5 billion in 2026. The report stated that biotechnology is "the application of biological systems, living organisms, or their components to develop products and technologies that improve healthcare, agriculture, industry, and the environment." It attributed industry growth to "the expanding applications beyond healthcare with wider adoption in sectors such as agriculture and industrial processing" as well as "accelerated innovation with breakthroughs in genomics, gene editing and bioinformatics." The report also stated that "R&D investment in the biotechnology sector continues to grow steadily," while noting that companies had "consistently reinvesting a significantly higher share of revenues into research than most other industries."

BioPharma Dive reported on June 23 that biotechnology companies with quality clinical data had continued to attract investor interest as the market for new public offerings strengthened. Jim Healy of Sofinnova Investments told the publication, "The window's open," while Dan Angius of Nasdaq said the pace of biotechnology IPOs could accelerate because of "the same supply-and-demand dynamics" that had fueled the previous cycle of offerings. BioPharma Dive also quoted Chirag Surti of Morgan Stanley, who said that companies with clinical-stage programs represented "asset-centric stories" that were driving a "healthy" market. Wonhee Oh of J.P. Morgan added that the sector remained "in a disciplined environment where we actually have a checklist of things that makes us successful."

Zacks wrote on June 23 that the biotechnology sector had shown "promising signs that it has turned the corner" following a prolonged downturn that began in 2021. The publication stated that "the biotech sector is showing promising signs that it has turned the corner," citing improving relative market performance alongside several broader industry trends. It also wrote that "AI will drive discovery, reduce costs," while noting that predictive artificial intelligence models and advanced computing infrastructure were expected to shorten research timelines and reduce research and development expenses. In addition, Zacks stated that "the biotech industry's fundamentals have fundamentally transformed," citing easing regulatory friction, merger and acquisition activity, advances in GLP-1 medicines, valuation levels, and diversification within healthcare.

Analysts Highlight Expanding Obesity Pipeline and Multiple Clinical Milestones

In a June 25 research report, Dr. Joseph Pantginis and the research team at H.C. Wainwright & Co. reiterated a Buy rating on Viking Therapeutics with a US$102.00 price target. The analysts wrote that the target implied "roughly 193% upside" from the company's June 23 closing price of US$34.81.

Discussing the initiation of the Phase 1 study for VK3019, the analysts stated that "the initiation marks an encouraging step for Viking's broader obesity strategy," adding that VK3019 "offers a mechanistically distinct weight-loss candidate that could be used alone or in combination with GLP-1 or GLP-1/GIP-based therapies such as VK2735." They also noted that the company's preclinical DACRA data showed "meaningful effects on food intake, body weight, and metabolic markers," and wrote that the program "reinforces an increasingly multi-pronged obesity pipeline."

Dr. Pantginis and the H.C. Wainwright team also discussed Viking's broader clinical development program, noting that enrollment had been completed across both Phase 3 VANQUISH studies evaluating subcutaneous VK2735, with readouts from both trials expected in the second half of 2027. They wrote that a Phase 3 trial of oral VK2735 in obesity was expected to begin in the fourth quarter of 2026, with a design expected to parallel the VANQUISH studies while reducing pill burden through smaller tablets and fewer pills. The analysts added that management indicated the oral Phase 3 trial "may be shorter, with the potential for a smaller study size and reduced intensity of clinical visits," which they believed "could support more efficient and potentially lower execution costs," while noting that study design details were expected in the coming months.

Regarding maintenance dosing, the report stated that management had expanded the subcutaneous portion of the VK2735 maintenance study from four to eight cohorts to evaluate monthly and every-other-week dosing strategies. The analysts wrote that data from the subcutaneous maintenance cohorts were expected in the third quarter of 2026, with oral maintenance data expected in the first half of 2027. They also noted management's description of potential outcomes, including "a best case of continued weight loss following transition," "a base case of relatively flat weight (within a few percentage points either up or down)," and "a downside scenario of sharp weight regain."

The report stated that H.C. Wainwright's valuation was based on contributions from VK2735, VK2809, and VK0214 using a clinical net present value model. The analysts also wrote that risk factors that could prevent the shares from reaching the US$102.00 price target included "failed or inconclusive clinical trials or the inability to secure adequate funding to progress its drugs through the development pathway."

Clinical Development Pipeline Continues to Advance

In addition to initiating the Phase 1 study of VK3019, Viking said it is conducting the Phase 3 VANQUISH clinical program evaluating subcutaneous VK2735 in adults with obesity and adults with obesity and type 2 diabetes. The VANQUISH program consists of two randomized, double-blind, placebo-controlled, multicenter trials evaluating once-weekly subcutaneous administration of VK2735 over 78 weeks.

The company is also advancing an oral tablet formulation of VK2735 alongside the injectable formulation. Viking said it plans to initiate a Phase 3 trial evaluating oral VK2735 for the treatment of obesity and overweight later this year. The June 2026 corporate presentation also states that Phase 3 studies of the oral formulation are scheduled to begin in the fourth quarter of 2026.

Viking is also evaluating maintenance dosing strategies for VK2735. The company said it initiated a Phase 1 study in October 2025 to explore various maintenance dosing regimens and expects to report results from that study during the third quarter of 2026. 

According to the June 2026 corporate presentation, the company's pipeline also includes VK2809, a selective thyroid receptor-beta agonist for metabolic dysfunction-associated steatohepatitis, with the Phase 2b VOYAGE trial successfully completed, and VK0214, a selective thyroid receptor-beta agonist for X-linked adrenoleukodystrophy, for which a Phase 1b study demonstrated proof of concept.

Ownership and Share Structure¹

The company has 116.11 million shares outstanding. 

About 64.11% is owned by institutions. Management and Insiders hold 2.79%. The rest is held by retail.

Its market cap is US$4.294 billion. Its 52-week range is US$22.95–US$43.15 per share.