On Wednesday, B.Riley adjusted its stance on Viridian Therapeutics (NASDAQ:VRDN), downgrading the stock from Buy to Neutral and lowering the price target to $20.00 from the previous $25.00. This decision comes in the wake of the company's first quarter 2024 earnings report and corporate update.
The downgrade reflects B.Riley's reassessment of the market for thyroid eye disease (TED) treatments and the projected timelines for Viridian's products to enter the market. The adjusted price target suggests a more conservative outlook on the stock's potential performance.
Viridian Therapeutics reported its Q1 2024 earnings on Wednesday, revealing the company's latest financial results and providing updates on its corporate activities. Following the announcement, B.Riley reviewed its projections and expectations for the company's growth and market penetration.
The reevaluation by B.Riley indicates a shift in the firm's view of Viridian's market position, particularly concerning the competitive landscape of TED treatments. The updated analysis led to the revised price target and stock rating.
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