Why Viridian Therapeutics Stock Is Soaring Today

Viridian Therapeutics Inc VRDN shares are trading higher Monday after the company reported better-than-expected top-line results and announced initial clinical data from its ongoing trial of VRDN-001.

Viridian reported second-quarter revenue of $256,000, which beat average analyst estimates of $230,000, according to data from Benzinga Pro. The company reported a quarterly net loss of $1.06 per share, which missed average analyst estimates of 90 cents per share.

Viridian also announced positive initial clinical data in its ongoing Phase 1/2 clinical trial of VRDN-001 in patients with active thyroid eye disease.

"In this trial, rapid and significant improvement in a broad set of efficacy measures suggests that VRDN-001 may have a differentiated profile that could offer meaningful benefits to patients," said Raymond Douglas, director of the Orbital and Thyroid Eye Disease Program, Cedars-Sinai Medical Center and an investigator on the VRDN-001 trial.

Viridian is a biotechnology company advancing new treatments for patients suffering from serious diseases underserved by current therapies.

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VRDN Price Action: Viridian has traded between $21.50 and $9.47 over a 52-week period.

The stock was up 36.5% at $20.10 at press time, according to Benzinga Pro.

Photo:  __Penelope_ from Pixabay.