Viridian Therapeutic (VRDN) PT Raised to $43 at Wedbush
Wedbush analyst Laura Chico raised the price target on Viridian Therapeutic (NASDAQ: VRDN) to $43.00 (from $32.00) while maintaining a Outperform rating.
The analyst comments "Remain Outperform rated on VRDN, new $43 target. Most notable on the VRDN investor call, management confirmed the Lumvoa price per course of treatment will be $450,000 (for a 75kg patient). This is estimated to be at parity vs. Tepezza based on a Tepezza vial WAC price of ~$18,500. After updating our Lumvoa pricing in our model and incorporating the raise in May, our VRDN target increases to $43/ share (prior $32). We anticipate limited payer pushback at this price point, and with Lumvoa labeling specifically calling out use in both active and chronic TED patients, we see VRDN on good commercial footing versus Tepezza. We do not model Lumvoa revenue materializing until the 4Q26 period ($34M vs. consensus $27M), as we anticipate it will take time to get payer approval, shipments set up/ disbursed. Bottom line, we see modest street expectations for Lumvoa uptake and an opportunity for VRDN to execute. With shares trading in the high-teens and cash (pro forma $1.5B) providing runway through profitability, we remain Outperform rated on VRDN."