Viridian an outperform at RBC on thyroid eye disease candidate
May 30, 2023 10:55 AM ETViridian Therapeutics, Inc. (VRDN)AMGN, HZNPBy: Jonathan Block, SA News Editor
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- RBC Capital Markets has initiated Viridian Therapeutics (NASDAQ:VRDN) with an outperforming rating citing the potential of VRDN-001, its candidate for thyroid eye disease.
- The firm has a $44 price target (~85% upside based on Friday's close).
- Analyst Gregory Renza said that VRDN-011 has a different mechanism of action from current TED therapies and excellent efficacy.
- VRDN-001 is a full antagonist of IGF-1 (insulin-like growth factor 1 receptor).
- Viridian is set to release phase 3 data in 2024. If positive, Renza predicts $2B in global sales for indications in both active and chronic TED.
- Renza added that if approved, VRDN-001 would have competitive status against Horizon Therapeutics' (HZNP) Tepezza (teprotuzumab). Tepezza is a partial antagonist of IGF-1.
- He added that subcutaneous versions of TED treatments under development by Viridian (VRDN), though in earlier stages, could also reap benefits down the line.