Viridian Therapeutics Receives Buy Rating from Jefferies, Sets $44.00 Price Target

Jefferies analyst Kelly Shi initiated coverage on Viridian Therapeutics with a Buy rating and a $44.00 price target. Shi has an average return of 3.8% and a 48.82% success rate on recommended stocks. The company has a one-year high of $27.20 and a one-year low of $9.90.

Jefferies analyst Kelly Shi has initiated coverage on Viridian Therapeutics (NASDAQ: VRDN) with a Buy rating and a $44.00 price target. This marks the first time Jefferies has assumed coverage of the company, which is focused on developing treatments for thyroid eye disease (TED).

Shi's analysis highlights Viridian's potential in the TED market, which is expected to reach multi-billion dollar revenues. The analyst notes that the company's drug candidate, veligrotug, is ready for regulatory filing and could differentiate itself from competitor Tepezza with a streamlined five-dose intravenous treatment and rapid onset of action.

Viridian's current market capitalization is approximately $1.5 billion, and the company maintains a strong financial position with more cash than debt and a healthy current ratio of 11.01. However, the firm is burning through cash rapidly.

Shi also mentions Viridian's VDRN-003, a subcutaneous formulation, which could potentially be a "game changer" by doubling the chronic TED market through improved convenience and potentially better safety profile. The analyst believes that Viridian's early FcRn pipeline could drive longer-term growth with a proven mechanism of action.

In other recent news, Viridian Therapeutics, Inc. has announced an exclusive licensing agreement with Kissei Pharmaceutical Co., Ltd. for the development and commercialization of its thyroid eye disease treatments in Japan. As part of this agreement, Viridian will receive an upfront payment of $70 million and could earn up to $315 million in milestone payments. The agreement also includes tiered royalties on net sales in Japan, ranging from the 20s to mid-30s percent.

Shi's average return on recommended stocks is 3.8%, and she has a 48.82% success rate. The company's one-year high is $27.20, and the one-year low is $9.90.

References:
[1] https://www.investing.com/news/analyst-ratings/jefferies-assumes-coverage-on-viridian-stock-with-buy-rating-on-ted-market-potential-93CH-4208937