On Tuesday, Oppenheimer affirmed its Outperform rating and a $28.00 price target for Viridian Therapeutics (NASDAQ: VRDN) shares, representing significant upside from the current price of $21.54. According to InvestingPro data, analyst targets for VRDN range from $22 to $61, with the stock showing strong momentum through a 76.56% price return over the past six months.
The investment firm's confidence is bolstered by the company's recent announcement of successful Phase 3 trial results for its chronic thyroid eye disease (TED) treatment, veligrotug. The treatment met all primary and secondary endpoints, including significant improvements in diplopia, a form of double vision that competitor Tepezza has not shown improvement in.
The Phase 3 results revealed that veligrotug could offer a superior option for TED patients, with a shorter and less burdensome treatment regimen, requiring only five infusions over 12 weeks compared to the eight over 21 weeks required by its competitor. Oppenheimer anticipates that these advantages will significantly contribute to the treatment's market adoption following its expected second half of 2026 approval.
The positive outcome of the Phase 3 trial also complements earlier promising data from the THRIVE study in active TED, further solidifying veligrotug's potential as a leading treatment option.
With a market capitalization of $1.71 billion, InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 18.55 and holds more cash than debt on its balance sheet, providing financial flexibility to support its clinical programs.
The analyst from Oppenheimer expects that the strength of the recent results will enhance investor confidence in veligrotug's best-in-class profile and the prospects for the subcutaneous version, VRDN-003, which is projected to have its Phase 3 top-line results read out in the first half of 2026.
Viridian Therapeutics' progress with veligrotug and VRDN-003 positions the company well within the TED treatment landscape. The firm's anticipation of regulatory approval in the latter half of 2026 signals a positive outlook for commercial success and patient outcomes in the chronic thyroid eye disease space.
For deeper insights into VRDN's financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro's detailed research reports, available as part of their coverage of over 1,400 US equities.
In other recent news, analyst firms TD Cowen, Stifel, and Needham initiated coverage on Viridian, issuing a Buy rating citing the potential of veligrotug. Goldman Sachs and RBC Capital also maintained their Buy ratings on Viridian, adjusting their price targets upwards.
On the financial front, Viridian initiated a public offering of $150 million of its common stock and Series B non-voting convertible preferred stock. The proceeds from this offering will be used for clinical development programs, working capital, and general corporate purposes.
These recent developments underscore Viridian's ongoing efforts in advancing treatments for TED.
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