Oppenheimer Thinks Viking Therapeutics Stock Can Soar to $120. Here's the Math Behind the Ultra-Bullish Call.

Oppenheimer's Jay Olson raised his price target on Viking Therapeutics (VKTX) to $120 from $100, a level that implies roughly a fourfold gain from the current $28.50 share price.

The upgrade rests on positive maintenance trial data for VK2735, Viking's dual GLP-1 and GIP agonist. Olson lifted his probability of success for the drug from 80% to 90% on the strength of that readout. That single input change drives the higher valuation.

The sales projections behind the bull case are large. Wall Street consensus sees VK2735 generating $1.5 billion in 2030 sales, climbing to $6.5 billion by 2035. The drug would compete with Eli Lilly's (LLY) tirzepatide, which is expected to reach $80 billion in total sales by 2030.

Interpretation: the gap between a $28.50 stock and a $120 target shows how much of Olson's thesis depends on VK2735 reaching commercialization. The market price appears to discount a meaningful chance of failure, while Oppenheimer now assigns only a 10% chance to it. Even capturing a modest slice of the tirzepatide market would support the consensus revenue path, though that remains a projection, not a result.