BTIG reiterates Buy rating on Viridian Therapeutic stock as trials complete enrollment

Investing.com - BTIG has reiterated its Buy rating and $61.00 price target on Viridian Therapeutic (NASDAQ:VRDN), currently trading at $18.01, as the company completed enrollment for its Phase 3 REVEAL-1/2 trials of VRDN-003. According to InvestingPro data, analyst targets range from $19 to $61, with a strong buy consensus.

The REVEAL-1 trial enrolled 132 patients with active Thyroid Eye Disease (TED), exceeding its initial target of 117, while REVEAL-2 enrolled 204 patients with chronic TED, surpassing its target of 195 patients. U.S. patients represented 67% of REVEAL-1 enrollment and 56% of REVEAL-2 enrollment. The company maintains a strong liquidity position with a current ratio of 11.01, though InvestingPro analysis indicates rapid cash burn requires monitoring.

Topline data for these studies remains on track for the first half of 2026, with BTIG viewing the readout as "reasonably de-risked" since VRDN-003 shares the same binding domains as veligrotug. If positive, the REVEAL-1/2 results are expected to support a Biologics License Application (BLA) submission by year-end 2026.

Viridian has moved up its BLA submission timeline for veligrotug to November 2025, previously guided for the second half of 2025. With Breakthrough Therapy Designation potentially supporting Priority Review, veligrotug could launch commercially as early as mid-2026.

The company has strengthened its intellectual property portfolio with a composition patent for VRDN-003 extending to 2041 and a methods patent for veligrotug extending to 2042, while also reporting that VRDN-006 demonstrated IgG reductions consistent with its class in an ongoing Phase 1 healthy volunteer trial. With a market capitalization of $1.47 billion and significant development milestones ahead, investors can access comprehensive analysis and 10+ additional ProTips through InvestingPro’s detailed research report.

In other recent news, Viridian Therapeutics has reported significant developments in its business strategy. The company has entered into an exclusive licensing agreement with Kissei Pharmaceutical for the development and commercialization of its thyroid eye disease (TED) treatments in Japan. As part of the agreement, Viridian will receive an upfront payment of $70 million and may earn up to an additional $315 million through various milestone payments. The deal also includes tiered royalties on net sales in Japan, ranging from the 20s to mid-30s percent.

In another update, Jefferies has assumed coverage of Viridian with a Buy rating, setting a price target of $44.00. The research firm highlights Viridian’s potential in the TED market, noting that the company’s drug candidate, veligrotug, is ready for regulatory filing. Jefferies views Viridian as an attractive late-stage opportunity, with the company currently trading at a market capitalization of approximately $1.5 billion. These recent developments underscore Viridian’s strategic focus on expanding its presence in the TED market.

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