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Viridian Therapeutics Inc's stock reached a 52-week high, hitting $29.27, marking a significant milestone for the company. This upward movement reflects a strong performance over the past year, with the stock experiencing a 31.65% return. InvestingPro data shows even more impressive gains with a 130.13% return over the past six months and 48.62% year-to-date. The company's strategic initiatives and market developments have likely contributed to this positive trend, attracting investor interest and confidence. According to InvestingPro, analysts maintain a Strong Buy consensus with a high price target of $61, despite the stock currently trading slightly above its Fair Value. As Viridian Therapeutics continues to advance its pipeline and operations, the stock's performance will be closely watched by market analysts and investors alike. For deeper insights, check out the comprehensive Pro Research Report available for VRDN, one of 1,400+ US equities covered in detail.
In other recent news, Viridian Therapeutics has made significant strides with the submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration for veligrotug, an investigational therapy for thyroid eye disease. This submission, completed in late October, marks a pivotal development for the company as the FDA is expected to decide on the application's acceptance within 60 days. Additionally, Viridian has priced an underwritten public offering of 11,425,000 shares of its common stock at $22.00 per share, aiming to generate approximately $251.35 million in gross proceeds. The company has also launched a public offering of common stock and Series B non-voting convertible preferred stock to support commercial launch activities and research endeavors.
Analysts have responded positively to these developments, with RBC Capital raising its price target for Viridian to $45 while maintaining an Outperform rating. Similarly, Stifel increased its price target to $48, citing the BLA filing, updates on Phase 3 trials for VRDN-003, and new financial arrangements. These analyst actions reflect confidence in Viridian's strategic direction and potential market impact. The company has been proactive in securing funds to support its pipeline, which includes treatments for serious and rare diseases. Investors are closely watching these moves as Viridian navigates regulatory and market dynamics.
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