Overview
Evercore ISI has increased its one-year price target for Viridian Therapeutics (NASDAQ: VRDN) to $45.00 from $44.00 and reaffirmed an Outperform rating as the company prepares to report Phase 3 data for its subcutaneous (subQ) treatment for thyroid eye disease (TED) in the first quarter of 2026. The firm notes that the new target equates to roughly 34% upside from a reference share price of $33.54, with Viridian trading near its 52-week high of $34.29 at the time of the update.
Analyst context and consensus
InvestingPro data cited by Evercore shows a wide range of analyst price targets on Viridian, spanning $26 to $50, and a strong consensus recommendation of 1.28 on a scale where 1 corresponds to Strong Buy. Evercore characterizes the forthcoming Phase 3 subQ readout as a key near-term event for the company but does not view the result as strictly binary, given the quantity of existing clinical evidence.
Commercial assumptions driving the valuation
Within Evercore ISI’s modeling, the subQ product (referred to as ele) accounts for about two-thirds of projected peak sales, while the intravenous product (veli) contributes the remaining one-third. The firm anticipates a structural shift in the TED treatment market, estimating that 60% of the market will gravitate toward at-home subQ therapies over time. Under those assumptions, Evercore projects Viridian could capture approximately 40% of the subQ segment and 20% of the IV segment.
Evercore’s total addressable market assumptions include an IGF-1R market size of $2.0 billion in the United States and $300 million to $400 million in markets outside the U.S. Applying the firm’s share assumptions to that opportunity yields projected peak sales for Viridian’s subQ product of roughly $1.2 billion in the U.S. and $1.4 billion worldwide, which the firm notes represents about 60% of a $2.4 billion aggregate market.
Profitability and balance-sheet picture
Evercore ISI writes that a successful commercial launch could push Viridian into profitability by 2027 under its scenario. InvestingPro balance-sheet metrics referenced in the report indicate Viridian held more cash than debt and displayed a current ratio of 11.28, providing financial runway to fund operations toward a potential break-even. At the same time, the company’s gross profit margins are cited as weak (-349.48%), and Viridian is not expected to be profitable in the current year based on available data.
Competitive landscape and development timing
Evercore flags competition from Amgen, which is also developing a subQ TED candidate with Phase 3 data potentially available in February 2026. The firm also notes FcRn-related data forthcoming from Immunovant and Novartis as relevant competitive activity. By contrast, Evercore currently does not consider earlier-stage Graves/TED programs from companies such as Merida, Lycia, and Yarrow to be materially disruptive to Viridian’s prospects at this stage of development.
Regulatory milestones and other analyst coverage
Viridian announced that the FDA accepted the Biologics License Application for veligrotug, its TED candidate, for priority review, establishing a target action date of June 30, 2026. That regulatory timing is highlighted alongside multiple analyst moves: UBS initiated coverage with a Buy rating, citing the company’s intravenous program VRDN-001 and the potential for FDA approval by mid-2026; TD Cowen and Jefferies both reiterated Buy ratings, with Jefferies setting a $44 price target and TD Cowen emphasizing Viridian’s preparations for an active 2026; and Truist Securities maintained a Buy rating with a $41 target following the BLA acceptance and priority review announcement.
Valuation, market-cap implications and investor view
Evercore’s modeling and the firm’s market-share assumptions sit alongside Viridian’s market capitalization of roughly $3.2 billion in the report, implying material upside if the company captures the expected share of the IGF-1R market. The firm’s view that subQ formulation constitutes the larger portion of the commercial opportunity underpins the upgraded price target and the continued Outperform endorsement.
Takeaway
Evercore ISI has increased its price target modestly while maintaining a positive stance on Viridian ahead of several near-term milestones: a Phase 3 subQ TED readout in Q1 2026 and an FDA action date for veligrotug on June 30, 2026. The firm’s forecast hinges on a substantial long-term shift toward at-home subQ therapies and on Viridian’s ability to translate clinical results into commercial traction, with profitability projected under Evercore’s successful-launch case by 2027.
Source notes
All data points, ratings, price targets, market-size estimates, and timing referenced in this article are drawn from the analyst report and InvestingPro metrics as presented in the reviewed materials.