Viridian Therapeutics' Lead Product Has An Opportunity To Differentiate, Analyst Sees 85% Upside

Credit Suisse has initiated coverage on Viridian Therapeutics Inc VRDN with an Outperform rating and a $51 target price.
The company's lead insulin-like growth factor 1(IGF-1R) inhibitor, VRDN-001, is under development for thyroid eye disease (TED).
The analyst says the product offers a differentiated/shorter treatment regimen—a meaningful improvement given a relatively burdensome standard of care (SoC ) (six months of IV infusions).
Related: At Higher Dose, Viridian's Thyroid Eye Disease Candidate Shows Significant, Rapid Improvement In Signs & Symptoms.
While early, VRDN-001's Ph1/2 data in active TED were encouraging, and Credit Suisse sees multiple different venues for differentiation, including two opportunities for follow-on subcutaneous products.
The company initiated it's Phase 3 THRIVE trial in active TED this quarter and is expected to initiate its Phase 3 THRIVE-2 trial in chronic TED in mid-2023.
The analyst writes that Viridian stands to benefit from ongoing efforts to address commercial pain points for TED.
Price Action: VRDN shares are trading up by 0.11% at $27.52 on the last check Friday.

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