Viridian hits 52-week high on data for thyroid eye disease candidate

Aug. 15, 2022 1:52 PM ETViridian Therapeutics, Inc. (VRDN)By: Dulan Lokuwithana, SA News Editor

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  • The shares of Viridian Therapeutics (NASDAQ:VRDN) jumped ~60% on above-average volume to reach the highest level since Jan. 2021 after the clinical-stage biotech announced data for its thyroid eye disease candidate VRDN-001 from a Phase 1/2 trial.
  • The company said that initial data from the eight-patient 10mg/kg cohort indicated that two infusions of VRDN-001 led to significant and rapid improvement of both signs and symptoms of TED at Week 6.
  • In reaction to data, Evercore ISI raised the price target for Viridian (VRDN) to a new Street high of $50 per share. Forecasting ~$1.4B peak U.S. sale opportunity for the company’s assets in TED, the firm argues that despite its near 60% gain on Monday, the stock remains undervalued.
  • Viridian (VRDN) expects to disclose two more data readouts for 3mg/kg and 20mg/kg cohorts from the ongoing TED trial in 4Q 2022.
  • Wall Street stands firmly behind the prospects of Viridian (VRDN) with nine Buy ratings and no Hold or Sell ratings.

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