U.S. Biotech Stocks Surge 5% on FDA Approval, Price Target Doubles

U.S. biotech firm Viridian Therapeutics Inc. (NASDAQ: VRDN) closed at $18.90 on the Nasdaq, up 5.59%. Trading volume jumped to 5.84 million shares, and the company’s market capitalization swelled by roughly $120 million to about $2.09 billion (approximately ₩2.9 trillion).

The share gain was driven by the U.S. Food and Drug Administration’s approval of Viridian’s thyroid eye disease treatment, Beligroterogt, marking the first-ever therapy sanctioned for all stages of this condition. Following the approval news, UBS, Citizens, and H.C. Wainwright all reiterated buy ratings on the stock, with price targets ranging from $22 to $50—implying upside of more than 100% from current levels.

Viridian Therapeutics is a U.S. biotech company focused on rare ocular disorders. Its pipeline includes the antibody therapy Beligroterogt and a subcutaneous formulation, VRDN-003. The company has completed enrollment in the Phase 3 REVEAL trials for VRDN-003 and plans to file additional regulatory submissions later this year, with top-line data anticipated by mid-2026.