Douglas Tsao, an analyst from H.C. Wainwright, reiterated the Buy rating on Viridian Therapeutics. The associated price target remains the same with $34.00.
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Douglas Tsao has given his Buy rating due to a combination of factors surrounding Viridian Therapeutics’ strategic moves and market potential. The recent partnership with Kissei Pharmaceutical provides Viridian with non-dilutive capital and a clear path to monetizing the Japanese market for thyroid eye disease (TED). This collaboration is expected to give Viridian’s drug, veligrotug, a competitive edge in Japan, where the market is largely untapped, especially in chronic TED, offering significant growth opportunities.
Additionally, the valuation of Viridian is based on a robust revenue estimate, supported by promising clinical data from the THRIVE-2 Phase 3 study. The company’s strategic positioning and the potential for strong adoption of its product in Japan contribute to the confidence in its future performance. However, Tsao also notes the risks associated with regulatory approvals and competition from larger entities like Horizon, as well as the financial challenges due to the company’s current lack of profitability.
According to TipRanks, Tsao is a 5-star analyst with an average return of 12.0% and a 44.87% success rate. Tsao covers the Healthcare sector, focusing on stocks such as Protagonist Therapeutics, Argenx Se, and Crinetics Pharmaceuticals.
In another report released today, Needham also maintained a Buy rating on the stock with a $36.00 price target.