Evercore cuts Viridian price target, removes from ‘Tactical Outperform’ list

Evercore ISI lowered the firm’s price target on Viridian Therapeutics (VRDN) to $32 from $45 and keeps an Outperform rating on the shares, which the analyst also removed from the firm’s “Tactical Outperform” list, calling the latest readout “a gut punch.” Efficacy came in meaningfully below expectations and “the stock reaction was even worse than anticipated,” says the analyst, who cites lower probability of success and more uncertainty around the lead asset in TED for the firm’s lowered target. There’s now heightened risk heading into the next chronic trial and it is also critical to watch how Amgen’s (AMGN) subQ offering performs, the analyst added.