Truist cuts Viridian PT after eye disease trial data

Truist Securities cuts price target on Viridian Therapeutics VRDN.O to $36 from $40, maintains "buy" rating

Ahead of the biopharmaceutical firm's Q1 results, Truist refreshes its view on Viridian's commercial opportunity in thyroid eye disease

Review follows data from Amgen's AMGN.O Tepezza, already cleared as an intravenous injection and now in late-stage trials for subcutaneous application, setting a higher efficacy bar for treating thyroid eye disease (TED)

Truist slightly trims long-term TED assumptions, seeing VRDN's veligrotug peaking at about $630 million in 2031 and elegrobart at roughly $1.14 billion in 2035, still within Street ranges

Expects investor and physician debate to persist as Viridian's reduced treatment burden is weighed against Amgen's established doctor, patient and payer relationships and commercial infrastructure; adding that "VRDN shares are attractive at these levels"

Seventeen of 19 brokerages rate the stock "buy" or higher, 2 "hold"; their median PT is $32, according to data compiled by LSEG

As of last close, stock down 55.1% YTD