Viridian Therapeutics price target raised to $56 from $46 at BTIG

BTIG raised the firm’s price target on Viridian Therapeutics to $56 from $46 and keeps a Buy rating on the shares. Viridian’s topline data at 15 weeks from the THRIVE Phase 3 clinical trial of VRDN-001, now known as veligrotug, an intravenously delivered anti-insulin-like growth factor-1 receptor antibody, in patients with active thyroid eye disease, or TED, show veligrotug with at least comparable proptosis efficacy compared to Tepezza at 24 weeks, says the analsyt. Veligrotug’s placebo-corrected rates of diplopia resolution and hearing adverse events “look best-in-class, persuasively demonstrating” that veligrotug achieves comparable-to-better efficacy and safety with a less burdensome infusion regimen, according to the analyst. Following the data, the firm is raising its view of the probabilities of success for veligrotug in active and chronic TED to 90% and 80%, respectively.