Viridian Therapeutics downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Viridian Therapeutics (VRDN) to Equal Weight from Overweight with a price target of $27, down from $37. The firm says its thesis on veligrotug played out in thyroid eye disease, and that the drug will get approved and be successful commercially. That said, the approval won’t be until the second half of 2026 along with VRDN-003’s Phase 3 data, Viridian’s key value driver, the analyst tells investors in a research note. It cites a lack of catalysts for the downgrade.