US stock futures dip as Nvidia earnings spark little cheer
Investing.com - Jefferies has assumed coverage on Viridian Therapeutics (NASDAQ:VRDN) with a Buy rating and a $44.00 price target, highlighting the company’s potential in the thyroid eye disease (TED) market. The target represents significant upside potential, with analyst targets ranging from $19 to $61 per share. According to InvestingPro data, the stock has shown strong momentum with a 24% return over the past six months.
The research firm views Viridian as an attractive late-stage opportunity, currently trading at approximately $1.5 billion market capitalization, with its drug candidate veligrotug ready for regulatory filing in the multi-billion dollar TED market. InvestingPro analysis reveals the company maintains a strong financial position with more cash than debt and a healthy current ratio of 11.01, though it’s currently burning through cash rapidly.
Jefferies notes that veligrotug initially differentiates itself from competitor Tepezza, which has approximately $2 billion in fiscal year 2024 revenue, by offering a streamlined five-dose intravenous treatment with rapid onset of action.
The firm believes Viridian’s VDRN-003, a subcutaneous formulation, could potentially be "a game changer" that might double the chronic TED market through improved convenience and potentially better safety profile.
Jefferies also mentions that Viridian’s early FcRn pipeline could drive longer-term growth with a proven mechanism of action, as analyst Kelly Shi assumes lead coverage of the company.
In other recent news, Viridian Therapeutics, Inc. has announced an exclusive licensing agreement with Kissei Pharmaceutical Co., Ltd. for the development and commercialization of its thyroid eye disease treatments in Japan. As part of this agreement, Viridian will receive an upfront payment of $70 million. Additionally, the company could earn up to $315 million in development, regulatory, and commercial milestone payments. The agreement also includes tiered royalties on net sales in Japan, ranging from the 20s to mid-30s percent. This development marks a significant step for Viridian in expanding its reach into the Japanese market. The collaboration with Kissei Pharmaceutical Co. highlights a strategic move to leverage local expertise in Japan. These recent developments are part of Viridian’s ongoing efforts to advance its treatment offerings globally.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.