Viking Therapeutics: External Validation and Same-Molecule Strategy De-Risk Obesity Program, Supporting Buy RatingValuation and risks to price target achievement. We reiterate our Buy rating and $102 price target. Our valuation is based on contribution from all three clinical stage assets; VK2809, 28.2% contribution (80% chance of success); VK2735, 67.4% contribution (80% chance of success); and VK0214, 4.5% contribution (30% chance of success). Our price target is based on our clinical net present value (NPV) model, which allows us to flex multiple assumptions affecting a drug's potential commercial profile.