VRDN - Viridian Therapeutics: Key Catalysts Coming In The Second Half Of The Year

2024-06-12 10:29:57 ET

Summary

• Viridian Therapeutics, Inc. is down year-to-date despite the company executing its clinical strategy and despite the pipeline advancing in line with the guidance management provided.
• THRIVE-1 and THRIVE-2 phase 3 results of VRDN-001 in TED patients are the most important catalysts for the company this year.
• Matching Tepezza's efficacy and safety would be considered a win, but there is potential for better efficacy and safety.
• The phase 3 trial design for VRDN-003 addresses concerns about the company needing to conduct a phase 2 trial before going to phase 3.
• Anti-FcRn pipeline with VRDN-006 and VRDN-008 should get more visibility going forward with non-human primate data of VRDN-008 in 2H 2024 and phase 1 results of VRDN-006 in 2H 2025.

Shares of Viridian Therapeutics, Inc. ( VRDN ) have been under pressure since the start of the year, and the stock is down nearly 40% since my late 2023 article , despite the company executing well. The clinical trials of VRDN-001 are being executed in line with the timelines management provided, the VRDN-003 program is progressing fast to pivotal trials with alignment reached with the FDA on the two phase 3 trials in active and chronic TED patients, and the FcRn pipeline is also progressing in line with the timelines the management provided.

However, the ongoing concerns about the addressable market driven by Tepezza's commercial underperformance, and the company issuing numerous shares since October 2023 possibly/probably unsettled the supply and demand dynamics....

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