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Viridian Therapeutics Inc’s stock reached a 52-week high, touching $30.15, reflecting strong investor confidence and positive market sentiment. According to InvestingPro data, the stock has surged an impressive 115.74% over the past six months and 53.73% year-to-date, with analysts setting a high price target of $61. Over the past year, the company’s stock has experienced a significant increase, with a 1-year return of 50.2%. This upward trend highlights the company’s robust performance and potential growth prospects, attracting attention from investors looking for promising opportunities in the biotechnology sector. The recent high marks a notable milestone for Viridian Therapeutics, indicating its successful trajectory in the market. InvestingPro analysis shows the company is slightly undervalued based on Fair Value calculations, with a strong financial position as liquid assets exceed short-term obligations by more than 11 times. InvestingPro has identified 15 additional investment tips for VRDN, including insights on its cash position and growth prospects. Subscribers can access the comprehensive Pro Research Report available for this biotech company.
In other recent news, Viridian Therapeutics has made notable progress with its Biologics License Application (BLA) for veligrotug, a treatment for thyroid eye disease, submitted to the U.S. Food and Drug Administration. This submission, completed in late October, follows consultations with the FDA, and a decision on the application’s acceptance is expected within 60 days. Viridian also announced the pricing of an underwritten public offering of 11,425,000 shares of its common stock at $22 per share, aiming to raise approximately $251.35 million before expenses. This move is part of a broader strategy to fund the commercial launch of its treatments and support ongoing research and development.
Analysts have reacted positively to these developments. RBC Capital raised its price target for Viridian to $45, maintaining an Outperform rating, while Stifel increased its target to $48, reiterating a Buy rating. These adjustments reflect confidence in Viridian’s recent BLA filing and updates on Phase 3 trials for VRDN-003. Additionally, the company has entered new royalty and equity financing arrangements, further strengthening its financial position. These recent developments underscore Viridian’s strategic steps toward advancing its treatment pipeline and securing financial resources for future growth.
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