In a report released today, Douglas Tsao from H.C. Wainwright reiterated a Buy rating on Viridian Therapeutics, with a price target of $34.00.
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Douglas Tsao has given his Buy rating due to a combination of factors including the strategic financial agreement Viridian Therapeutics has secured and the promising prospects of its product launches. The company has entered into a royalty financing agreement with DRI Healthcare, which provides up to $300 million in funding, ensuring the full financial backing for the launches of veligrotug and VRDN-003. This agreement reflects Viridian’s strong negotiating position, as it includes favorable terms such as no royalties on sales above $2 billion.
Furthermore, Viridian’s products show significant potential in the market. Veligrotug is expected to compete effectively with existing treatments like Tepezza due to its similar efficacy and shorter treatment duration. Additionally, VRDN-003 offers a more convenient administration method, which could position it as a market leader in subcutaneous IGF-1R treatments. The anticipated launch timelines and positive feedback from key opinion leaders further support the Buy rating, despite potential risks related to regulatory approvals and competition from larger players.
In another report released today, LifeSci Capital also maintained a Buy rating on the stock with a $46.00 price target.