VKTX, GPCR, ALT Stocks Rise: Novo Nordisk Signals Bigger M&A As It Chases Over 5 ‘Multi-Blockbusters’

Novo targets over $23 billion in risk-adjusted pipeline sales by 2035, excluding any contribution from future acquisitions.

• NVO tumbled about 8% as its Capital Markets Day failed to convince investors despite plans for more than five “multi-blockbusters” by 2030.
• Viking’s injectable VK2735 produced up to 14.7% weight loss, while its oral formulation delivered 12.2% after 13 weeks.
• Structure’s oral Aleniglipron achieved up to 16.2% weight loss at 72 weeks, while Altimmune advanced Pemvidutide into Phase 3 for MASH.

Shares of smaller obesity players jumped on Monday after Novo Nordisk (NVO) said that it could pursue larger acquisitions while targeting more than five “multi-blockbuster” launches by 2030.

Viking Therapeutics (VKTX) shares gained nearly 4%, Structure Therapeutics (GPCR) rose more than 5% and Altimmune (ALT) edged nearly 1% higher. Novo Nordisk’s U.S.-listed shares, meanwhile, tumbled about 8% after its Capital Markets Day failed to win over investors. 

Novo’s shares sank despite its blockbuster ambitions and encouraging CagriSema results. The experimental treatment produced an estimated 12.4% average weight loss in diabetes patients, compared with 9.1% for a lower dose of Lilly’s Tirzepatide. Novo is targeting an early-2027 launch.

Novo Opens Door To Bigger Deals

Novo CEO Mike Doustdar acknowledged that the company still has to convince investors “there is a bright future for Novo” as Eli Lilly intensifies competition and Semaglutide, the active ingredient in Wegovy and Ozempic, approaches patent expirations in the early 2030s.

Novo aims to launch more than five multi-blockbusters by 2030 and generate over $23 billion in risk-adjusted pipeline sales by 2035. The target covers only internally developed assets and excludes potential acquisitions. Novo said that its balance sheet could support larger transactions rather than only small bolt-on deals.

“We will not start with the size of the deal,” Doustdar said. “We’ll start with the quality of the assets and see where that will take us.” The company could become more active in areas where its pipeline has gaps, including immune-mediated diseases, pain, addiction, women’s and men’s health, and blood and endocrine disorders.

VKTX’s Dual-Format Drug Draws M&A Attention 

Viking’s VK2735 is a dual GLP-1/GIP agonist being developed as both a weekly injection and daily tablet. The injectable delivered up to 14.7% weight loss after 13 weeks without reaching a plateau and is advancing through the registrational Vanquish program.

The oral version produced 12.2% average weight loss at its highest dose after 13 weeks, though the result fell short of the upper end of Wall Street expectations and raised tolerability concerns. Viking plans to use slower titration in Phase 3. CEO Brian Lian previously said strategic interest in obesity assets was “broader than is visible.” Viking had $706 million in cash at the end of 2025, giving it the resources to advance VK2735 independently.

GPCR Advances Lower-Cost Oral GLP-1 

Structure’s Aleniglipron is a once-daily oral small-molecule GLP-1 drug, potentially offering simpler and cheaper manufacturing than peptide-based tablets. Recent extension data showed up to 16.2% weight loss at 72 weeks with no apparent plateau. Fewer than 5% of patients discontinued treatment because of side effects after Structure introduced a lower starting dose.

Structure is preparing the Phase 3 Accomplish-1 and Accomplish-2 trials, with topline results expected in the second half of 2028. CEO Ray Stevens called Structure “next in line” behind Novo and Lilly in January, citing its pill’s efficacy, lack of drug-related liver injury and low manufacturing cost.

Novo’s Akero Deal Puts Altimmune In Focus 

Altimmune’s Pemvidutide is a weekly glucagon/GLP-1 dual agonist primarily being developed for metabolic dysfunction-associated steatohepatitis, or MASH. The company recently launched the Phase 3 Performa study in 1,800 patients. Mid-stage testing showed a 55% reduction in liver fat, compared with 8% for placebo, alongside 7.5% weight loss without a plateau.

Novo has already shown interest in liver-disease assets through its acquisition of Akero Therapeutics, providing a potential deal precedent for public MASH developers. However, Altimmune’s muted gain suggests investors drew a weaker M&A connection than they did with Viking and Structure.

How Do Retail Traders Feel About Weight-Loss Stocks?

On Stocktwits, retail sentiment was ‘extremely bullish’ for NVO and VKTX amid ‘extremely high’ and ‘high’ message volumes, respectively. GPCR sentiment was ‘bullish’ amid ‘high’ activity, while LLY and ALT were ‘bearish’ amid ‘normal’ and ‘low’ message volumes, respectively. 

So far this year, LLY has gained about 9%, while NVO has fallen 19%, VKTX 14%, ALT 9% and GPCR 47%. 

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