Analyst Forecasts Near-Triple-Digit Upside for Viking Therapeutics Stock

A prominent analyst at investment bank H.C. Wainwright has reiterated a bullish stance on Viking Therapeutics, setting a price target that suggests massive potential gains for the biotech firm’s shares. The optimism stems not from new internal data, but rather from positive clinical developments reported by a major industry competitor, Eli Lilly.

A Rival’s Success Fuels Optimism

Joseph Pantginis, an analyst at H.C. Wainwright, recently reaffirmed his “Buy” rating for Viking Therapeutics. He maintained a price objective of $102 per share. With the stock closing at $35.19 this past Friday, this target implies an upside of approximately 190 percent.

The catalyst for this renewed confidence emerged from Eli Lilly’s latest long-term data for its drug candidate, orforglipron. The pharmaceutical giant demonstrated that a daily pill could effectively sustain weight loss, a finding the market viewed as a critical validation for the commercial viability of non-injectable obesity treatments.

According to Pantginis’s analysis, these results significantly de-risk Viking’s own oral development program for its drug candidate, VK2735. Viking is advancing this compound in both injectable and oral tablet formulations. The oral version is widely seen by investors as a crucial competitive edge against the currently dominant injectable therapies. Eli Lilly’s confirmation that maintenance therapy via a tablet is effective now provides fundamental support for Viking’s strategic approach.

Should investors sell immediately? Or is it worth buying Viking Therapeutics?

Operational Momentum and Market Context

Beyond the sector-wide implications, Viking’s stock is benefiting from tangible operational progress. The company announced on November 19, 2025, that it completed patient enrollment for the Phase 3 VANQUISH-1 trial, which is evaluating the subcutaneous version of VK2735. Achieving this milestone ahead of schedule keeps the company on track for its regulatory submission timelines.

The broader market environment is also providing a tailwind. Investors are currently rotating capital into small-cap biotechnology stocks, giving developmental companies like Viking a boost. From a technical perspective, the equity managed to reclaim the psychologically significant $35 level on Friday, accompanied by higher-than-average trading volume.

Market attention is now shifting to 2026, when top-line results from the Phase 3 study are anticipated. Furthermore, additional details regarding the study design for the oral formulation are expected soon. However, the substantial gap between the current valuation and the analyst’s triple-digit price target underscores the high-risk premium the market continues to assign, reflecting the challenges of succeeding in the fiercely competitive obesity drug market.