Stifel analyst Alex Thompson initiated coverage of Viridian Therapeutics (VRDN) with a Buy rating and $49 price target. The firm’s positive thesis is based on the view that the success of Horizon Therapeutics (HZNP) and Amgen’s (AMGN) Tepezza in Thyroid Eye Disease, or TED, validates the market opportunity and the anti-IGF-1R modality. The analyst, who thinks Veridian is pursuing "an interesting/pragmatic approach" with three IGF-1R antibodies, including lead program VRDN-001 in Phase 3, models the company achieving about $1.7B in peak U.S. revenue, risk-adjusted at 66%.
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Published first on TheFly
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