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Viridian Therapeutics Inc's stock reached a 52-week high of $27.22, marking a significant moment for the company despite a slight decline over the past year. The stock's performance has been notable, as it has managed to reach this peak even though it experienced a 1.17% decrease over the last 12 months. According to InvestingPro data, VRDN has delivered an impressive 103% return over the past six months and a 27.4% gain year-to-date, with the current price of $27.94 sitting nearly 3% above its 52-week low. This new high reflects investor optimism and potential positive developments within the company, although the overall annual performance suggests a mixed sentiment in the market. With a market capitalization of $2.52 billion, VRDN appears overvalued according to InvestingPro Fair Value metrics. Analyst targets range from $19 to $61, suggesting significant disagreement about the company's prospects. InvestingPro identifies several additional factors affecting VRDN's outlook, including its strong balance sheet with more cash than debt, though the company remains unprofitable over the last twelve months.
In other recent news, Viridian Therapeutics has submitted a Biologics License Application (BLA) to the U.S. Food and Drug Administration for its investigational therapy, veligrotug, aimed at treating thyroid eye disease. This submission, completed in late October, follows consultations with the FDA, which will decide on accepting the application within 60 days. Additionally, Viridian announced the pricing of a public offering of 11,425,000 shares of its common stock at $22.00 per share, expected to generate approximately $251.35 million in gross proceeds. The company has also launched a public offering of both common stock and Series B non-voting convertible preferred stock to support commercial launch activities and research and development.
Analyst firms have responded positively to these developments. RBC Capital raised its price target for Viridian Therapeutics to $45.00 while maintaining an Outperform rating, citing the BLA submission and the potential for a commercial launch by mid-2026. Stifel also increased its price target to $48.00, maintaining a Buy rating, following the BLA filing and updates on Phase 3 trials for VRDN-003, as well as new royalty and equity financing arrangements. These recent activities highlight Viridian's strategic steps toward advancing its treatments and securing funding for future initiatives.
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