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Investing.com - Truist Securities initiated coverage on Viridian Therapeutic (NASDAQ:VRDN) with a Buy rating and a price target of $41.00 on Monday.
The research firm cited Viridian’s strong positioning following the Biologics License Application (BLA) submission for veligrotug, its treatment for thyroid eye disease (TED). Truist highlighted the drug’s differentiated efficacy profile and reduced treatment burden for both active and chronic TED patients.
Truist Securities projects worldwide peak sales for veligrotug to reach approximately $730 million by 2031, supported by key opinion leaders in the field. The firm noted the drug’s full IGF-1R antagonist mechanism as a key differentiator.
The analysis also emphasized VRDN-003, a half-life extended subcutaneous formulation in Viridian’s pipeline, which Truist estimates could generate worldwide peak sales of $1.5 billion by 2034, representing a larger market opportunity.
Truist Securities also pointed to Viridian’s early autoimmune pipeline as a factor that diversifies the company’s overall opportunity in the pharmaceutical market.
In other recent news, Viridian Therapeutics has made significant strides with its recent submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration for veligrotug, a treatment for thyroid eye disease. This application, submitted in late October, is a critical step for the company, with the FDA expected to decide on its acceptance within 60 days. Concurrently, Viridian has priced an underwritten public offering of 11,425,000 shares of its common stock at $22.00 per share, aiming to raise approximately $251.35 million in gross proceeds. These funds are intended to support commercial launch activities for its thyroid eye disease treatments and other corporate needs.
Additionally, Viridian has launched a public offering of common stock and Series B non-voting convertible preferred stock, further bolstering its financial strategy. Analyst firms have responded positively to these developments, with RBC Capital raising its price target for Viridian to $45.00 while maintaining an Outperform rating. Stifel also increased its price target to $48.00, citing the BLA filing and updates on Phase 3 trials for VRDN-003 as key factors. These recent developments highlight Viridian’s active efforts to advance its treatment pipeline and strengthen its financial position.
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