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Viking Therapeutics (VKTX): the VK2735 record

Viking's lead programme is VK2735, a dual GLP-1 / GIP receptor co-agonist in development in both subcutaneous and oral form for obesity. Two Phase 3 trials are running and both are fully enrolled. This page states what has been filed and what the stock actually did on each dated event. There are no price targets, no probability of success, and no forecasts anywhere on it.

Last close

$32.61

2026-08-03

52-week range

$23.09 to $42.13

daily closes

Next guided readout

Q3 2026

VANQUISH-2, company guidance

Down from peak

-65%

peak $94.50 on 2024-02-28

Where the programme actually stands

Both Phase 3 trials are fully enrolled. VANQUISH-1 (obesity) completed enrollment in November 2025; VANQUISH-2 (obesity with type 2 diabetes, approximately 1,000 adults) completed enrollment in March 2026. Each evaluates subcutaneous VK2735 once weekly for 78 weeks, with the primary endpoint being percent change in body weight from baseline at week 78.

The company guides VANQUISH-2 data to the third quarter of 2026. That is company guidance, quoted as given. It is a quarter, not a date, and we do not convert it into one.

Other stated 2026 milestones. In its Q1 2026 update Viking said it expects to initiate a Phase 3 trial of oral VK2735 in 4Q26, expects data from the VK2735 maintenance dosing study in 3Q26, and had filed an IND for the amylin agonist VK3019. Quarter-end cash was stated at $603 million as of March 31, 2026.

How good was the last data, and what the market did with it

This is the part worth being precise about, because the company's characterisation and the market's reaction pointed in opposite directions, and both are facts.

What the company reported (August 19, 2025, Phase 2 VENTURE-Oral). The release is titled “Positive Top-Line Results”. The trial met its primary and secondary endpoints. Mean weight loss reached up to 12.2% (26.6 lbs) after 13 weeks versus 1.3% (2.9 lbs) for placebo. Up to 97% of treated subjects achieved at least 5% weight loss versus 10% on placebo, and up to 80% achieved at least 10% versus 5%. Weight loss was described as progressive with no plateau at 13 weeks, and 99% of GI-specific adverse events were mild or moderate.

What the stock did that day. VKTX closed down 42.1% on 64.6 million shares. A trial that met every stated endpoint was followed by the second-largest single-day move in the stock's recent history, in the opposite direction to the headline. We report both and do not attempt to adjudicate which reading was right; the release and the tape are each linked below.

Every dated event and its measured stock reaction

Date	Event	Day move	Close	Volume	Source
2024-02-27	Phase 2 VENTURE topline, subcutaneous VK2735 in obesity	+121.0%	$85.05	59,033,668	source
2025-08-19	Phase 2 VENTURE-Oral topline, VK2735 tablet in obesity	-42.1%	$24.36	64,601,040	source
2025-11-03	VANQUISH-1 Phase 3 enrollment completed	-5.5%	$36.00	3,899,004	source
2026-03-26	VANQUISH-2 Phase 3 enrollment completed	+3.2%	$34.25	2,561,416	source
2026-04-29	Q1 2026 results and corporate update	-3.3%	$31.33	2,949,306	source
2026-05-12	13-week VENTURE-Oral data presented at ECO 2026	-1.3%	$31.32	1,328,509	source
2026-07-29	Q2 2026 results and corporate update	-1.3%	$33.43	2,902,817	source

Day move is that session's close against the prior close, computed from Polygon split-adjusted daily closes at build time. Daily closes understate intraday ranges, so each figure is a floor. Historical price behaviour, not a forecast.

What we are not telling you

We do not publish a price target, a probability that VANQUISH-1 or VANQUISH-2 will succeed, or a view on whether the oral data was good. Those are the four things the search results for this ticker are mostly made of, and they are the four things we have no defensible basis for. What we will do is state the guided timing at the precision the company used, log every filing, and measure the reaction after the fact. For how comparable events have behaved historically, see the run-up study (1,827 FDA decisions) and the readout-reaction study (1,752 clinical readouts).

About · Corrections · Methodology

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