Viridian Therapeutics initiated with an Outperform at Wolfe Research

Wolfe Research analyst Andy Chen initiated coverage of Viridian Therapeutics (VRDN) with an Outperform rating and $29 price target. The major debate on the stock is around the size of the opportunity for the company’s lead product VRDN-001 in thyroid eye disease, or TED, but with Amgen’s (AMGN) Tepezza been treating about 6,200 U.S. patients per year, this is only about 40% of active TED, incidence per year, and the chronic TED market that is six times that size is barely on therapy, the analyst tells investors in a research note. With Amgen having achieved 50% payer coverage, a ramp-up may be an inevitability, the firm added.