Viridian Therapeutic (VRDN) PT Raised to $45 at RBC Capital

RBC Capital analyst Lisa Walter raised the price target on Viridian Therapeutic (NASDAQ: VRDN) to $45.00 (from $41.00) while maintaining a Outperform rating.

The analyst comments "VRDN reported Q3 EPS. Despite the government shutdown and FDA volatility, VRDN submitted the BLA for veli' late October within prior guidance. Recall, veli' has BTD which supports eligibility for PR, and could enable a commercial launch as early as mid'2026. Timelines narrowed for pivotal studies of next-gen subQ '003, with first readout in active TED anticipated 1Q26 and 2nd readout in chronic TED 2Q26 (vs 1H26 prior), and BLA filing on track for YE'26. Recent non-dilutive and dilutive financing raise VRDN's cash position to $888m and are anticipated to fund the company through to profitability (assuming milestones from DRI royalty agreement and revenues from veli' and '003 are approved). Overall, we think veli' offers meaningful differentiation from SoC Tepezza, is highly likely to gain approval, and our recent KOL conversation suggests 50% market share is a possibility. We also like recent financing deals (Japan licensing $70m upfront, DRI royalty financing $55m upfront, $289m follow-on, up to $300m from credit facility) suggesting strong support for TED success and an eye towards profitability. We increase our PT to $45 from $41 to reflect recent raises. Reiterate OP, Spec. Risk."

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