Cantor starts Viking Therapeutics with Overweight on obesity potential

Cantor Fitzgerald initiated coverage of Viking Therapeutics (VKTX) with an Overweight rating and $104 price target The firm says its thesis is entirely focused on Viking’s lead drug, VK2735, a GLP-1 entering Phase 3 development for general obesity. The next data catalyst is the Phase 2 data for oral VK2735 in the second half of 2025, but Cantor’s thesis is anchored to the Phase 3-ready subcutaneous formulation trial starting in Q2, the analyst tells investors in a research note. The firm believes VK2735 is an incrementally better GLP-1/glucose-dependent insulinotropic polypeptide than tirzepatide. The advantage seems to be a function of improved pharmacokinetics and slightly increased potency, according to Cantor. The firm believes that if its right and VK2735 is an incremental improvement over tirzepatide, “there is simply no way the market won’t accommodate its rise to multi-blockbuster status.”