Feb. 18 at 1:28 PM
Truist reiterated
$VRDN Buy-
$40 and said, REVEAL-1 Topline Preview: Ele' Positioned to Hit Proptosis Bar, after its KOLs check.
$AMGN $IMVT - ROIV NVS
$ALMS $TRML
Truist additionally said, Ahead of VRDN's REVEAL-1 topline for elegrobart (Ele', fka VRDN-003 SC), a half-life extended, SC, IGF-1Ra for active TED, we checked in with KOLs for updated views on Ele' and the broader story.
While management targets a 50-70% placebo-adjusted proptosis responder rate, physicians would accept the low end given the strong convenience advantage.
Ele' is seen as a potential "game-changer" particularly in chronic and low-CAS patients.
A REVEAL-1 win would meaningfully de-risk REVEAL-2 in 2Q and support our ~
$1.3B peak revenue est.
Our check-in on volatility surface and the options book for VRDN aligns with our positive views, NT and LT. Reiterate Buy,
$40 PT.
