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JPMorgan analyst Hardik Parikh initiated coverage on Viking Therapeutics Inc (NASDAQ:VKTX) with an Overweight rating and a December 2025 price target of $80, which implies a potential 45% upside from its current price of $54.65.
At the core of this bullish outlook is Viking’s obesity drug candidate, oral-2735, which could be a significant player in the rapidly expanding GLP-1 market.
JPMorgan highlights oral-2735's potential as a highly competitive treatment in the GLP-1 market, particularly because of its “impressive tolerability.”
According to Parikh, Phase 1 data on lower doses already demonstrated competitive efficacy with very few gastrointestinal side effects.
He also noted that "higher dose cohorts could show even more competitive efficacy" while maintaining a standout tolerability profile.
With the U.S. market for GLP-1s projected to reach $120 billion by 2030, JPMorgan estimates oral-2735 could capture around 10% of the oral obesity segment, ascribing it a significant role in the obesity treatment landscape. Parikh believes the market has not fully appreciated the potential of oral-2735, making Viking's stock poised for a substantial rise.
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Viking Therapeutics is now under JPMorgan’s “positive catalyst watch” ahead of the Phase 1 readout at Obesity Week in Nov. 2024.
Parikh suggests that investors should be “long into the upcoming readout for oral-2735." The data could lead to a “substantial up move for shares.” Based on recent trends in the obesity treatment space, Parikh wouldn't be surprised if the stock sees a jump of 30-60% following the readout.
With oral-2735 expected to enter the market in 2030, JPMorgan forecasts U.S. sales of $1 billion by 2035. Given the drug's competitive profile and favorable tolerability, Viking Therapeutics could play a key role in the booming obesity market.
For investors, the upcoming data release could be a turning point, with Parikh projecting a significant “upside potential” for VKTX stock as the market begins to recognize oral-2735’s potential.
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Posted In: VKTX
