Best Obesity Drug Stocks to Buy Before 2026 FDA Approvals

Wall Street is circling the next GLP-1 boom. Are you?

The global weight-loss drug market is projected to surpass $100B by 2030, driven by GLP-1 agonists like semaglutide and tirzepatide. But the real alpha? It’s in early bets on undervalued obesity drug stocks set to pop before 2026 FDA approvals.

This isn’t about playing catch-up with Novo Nordisk or Eli Lilly. It’s about finding the next breakout biotech—before the market catches on.

Why 2026 Matters: The FDA Approval Pipeline Is Stacked

Over a dozen obesity therapies are currently in Phase II and III trials, and several are targeting 2026 PDUFA dates. That creates a narrow window for positioning before valuation re-rates hit.

Here’s where capital is moving now:

 Top Obesity Drug Stocks to Watch Before 2026

1. Structure Therapeutics (GPCR)

Ticker: $GPCR
Play: Oral GLP-1 receptor agonist
Stage: Phase II
Why it matters: GPCR is developing a pill-based GLP-1, potentially eliminating injections. Their candidate, GSBR-1290, has shown promising weight-loss data with a favorable safety profile. With Novo’s oral semaglutide facing adherence issues, Structure’s candidate could be a category disruptor.

Catalyst: Mid-2025 readout → 2026 pivotal trial

2. Viking Therapeutics (VKTX)

Ticker: $VKTX
Play: Dual GLP-1/GIP agonist
Stage: Phase II
Why it matters: Viking is positioning its VK2735 as a direct competitor to Eli Lilly’s tirzepatide, but without the baggage. Early data shows double-digit weight loss and lower nausea rates. Big funds have already taken positions.

Catalyst: Q4 2025 data release → M&A potential high

3. Amgen (AMGN)

Ticker: $AMGN
Play: Once-monthly obesity injection (AMG133)
Stage: Phase II
Why it matters: Amgen is running a GLP-1/GIP fusion with monthly dosing, targeting superior patient adherence. They’re sitting on deep pockets and zero exposure to semaglutide lawsuits—a clean slate for weight-loss expansion.

Catalyst: Phase III initiation by early 2026

4. Altimmune (ALT)

Ticker: $ALT
Play: GLP-1 + glucagon dual agonist
Stage: Phase II
Why it matters: Unlike standard GLP-1s, Altimmune’s pemvidutide also triggers fat oxidation. It’s targeting visceral fat loss, not just weight. Backed by strong Phase Ib and IIa data, it’s a true metabolic reset play.

Catalyst: 2025 full trial data → licensing or acquisition possible

5. Zealand Pharma (ZEAL.CO / ZLDPF)

Ticker: $ZLDPF (OTC)
Play: Long-acting amylin analogs + GLP-1 combos
Stage: Preclinical to Phase I
Why it matters: Zealand owns deep obesity IP and is moving quietly. Their dual hormone therapies are designed for once-weekly or once-monthly injections, with Novo Nordisk rumored to be scouting.

Catalyst: Partnership with major pharma before 2026

 Who’s Accumulating?

• BlackRock increased stakes in GPCR and VKTX in Q1 2025

• State Street has added Altimmune to its biotech ETF

• RA Capital, Orbimed and Perceptive Advisors are backing multiple GLP-1 challengers

FDA Approval Timelines to Watch

This Is the Window

Smart money isn’t chasing semaglutide anymore. It’s betting on second-wave obesity innovators. If you want upside before 2026 FDA catalysts hit, now is the time to front-run Wall Street.

You’re not late. You’re early—if you move now.