Raymond James has adjusted its price objective for Viking Therapeutics (NASDAQ:VKTX) to $118.00, down from $122.00, while retaining a Strong Buy recommendation in the wake of Viking’s fourth-quarter 2025 earnings report. At the time of the firm’s action, Viking shares were trading at $28.55. Across the analyst community, price targets for the company span from $35 to $125, with a consensus recommendation of Strong Buy. Data cited by InvestingPro indicates the stock has risen 8.6% over the past week.
The brokerage highlighted its constructive outlook for Viking’s late-stage programs, specifically the subcutaneous (subQ) and oral formulations of VK2735, which target obesity treatment. Raymond James also flagged Viking’s pipeline addition - a new amylin agonist slated to enter clinical studies later this year - as a positive development for the company’s clinical-stage portfolio.
From a balance-sheet perspective, InvestingPro analysis referenced by the research note shows Viking carries more cash than debt and posts a current ratio of 28.34. That liquidity position was framed as providing the company with flexibility to fund ongoing and planned clinical activities.
On the development timeline, Raymond James reported that Viking expects topline data from a maintenance study and plans to initiate the Phase 3 program for the oral VK2735 in the third quarter of 2026. The company recently completed a bioequivalence study and intends to add an autoinjector format of VK2735 into the VANQUISH program later in the first quarter of 2026.
Raymond James also pointed to early commercial signals in the market for oral obesity therapies. The firm noted that Novo Nordisk’s oral Wegovy recorded roughly 50,000 prescriptions in its first three weeks after launching in the U.S. in early January, underscoring the potential demand environment for oral agents.
Viking’s fourth-quarter 2025 financial results included a notable earnings miss. The company reported adjusted earnings per share of -$1.38, below consensus forecasts of -$0.90. Despite the shortfall on the EPS metric, Viking is moving forward with strategic clinical initiatives. The company plans to advance the experimental oral obesity candidate VK2735 into late-stage trials in the third quarter of the year.
Late-stage study outcomes for the oral tablet formulation of VK2735 showed up to a 12.2% average weight loss after 13 weeks. Viking’s program includes both oral and injectable versions of VK2735, a distinction the company is highlighting, as no other dual or triple agonist is currently available in both administration formats.
Separately, Laidlaw reaffirmed a Buy rating on Viking with a price target of $110.00. That firm emphasized what it views as clearer clinical pathways for VK2735, including completing the VANQUISH studies for the subcutaneous formulation and advancing the oral formulation into Phase III studies in the second half of 2026.
Contextual note - The coverage and commentary reflect analysts' assessments of Viking’s development progress and financial position as reported during and after the company’s fourth-quarter 2025 results.