Viridian Therapeutics price target lowered to $37 from $44 at Wedbush

Wedbush analyst Laura Chico lowered the firm’s price target on Viridian Therapeutics (VRDN) to $37 from $44 and keeps an Outperform rating on the shares. Simply put, the REVEAL-1 study met its primary endpoint but fell short of expectations relative to Tepezza, the firm notes. Higher-than-anticipated placebo-response dampened the magnitude of effect and although the 36% placebo-adjusted response for Q4W elegrobart appears meaningful, this compares to 51%-73% for Tepezza. At this point, it remains approvable in Wedbush’s view. However, this requires a positive outcome in REVEAL-2 as that will be included in the filing.