Viridian: Pullback Seen as Overdone as Veligrotug Convenience and TED Portfolio Underscore Buy Rating

In a report released today, Serge Belanger from Needham maintained a Buy rating on Viridian Therapeutics, with a price target of $32.00.

Serge Belanger has given his Buy rating due to a combination of factors related to the Tepezza OBI data and Viridian’s competitive positioning. He views the 20–25% pullback in VRDN shares after Amgen’s positive Phase 3 TED results as excessive, arguing that achieving similar efficacy with an on‑body system versus IV Tepezza is expected given the higher number of injections and similar overall treatment burden.

Belanger also emphasizes that Viridian’s veligrotug has already shown Tepezza‑like efficacy with a meaningfully more convenient 5‑dose IV regimen over 18 weeks, which he believes remains commercially attractive versus Tepezza OBI. He further notes that Amgen has not yet outlined clear regulatory plans or chronic TED development for the OBI device, reinforcing his view that Viridian’s TED portfolio retains significant value and justifies a positive stance on the stock.