Viking Therapeutics initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Viking Therapeutics with an Overweight rating and $80 price target. The firm also placed the shares under a “positive catalyst watch” ahead of the the Phase 1 data readout for the oral-2735 drug at Obesity Week, November 3-6. The data could point to a highly competitive profile, which is underappreciated in the shares, the analyst tells investors in a research note. The firm continues to think the market for GLP-1s will be substantial, with U.S. market sales of $120B in 2030, and says orals will play an increasingly important role. It recommends being long Viking shares into the upcoming readout for oral-2735, which it thinks “should lead to substantial up move for shares.”