Selected stock price target news of the day - December 17th, 2024

By: Matthew Otto

Tesla Advances in Autonomous Driving and Prepares for New Product Launches

Tesla continues to make advancements in autonomous driving technology, bolstered by ongoing improvements to its Full Self-Driving (FSD) software. The AI-driven system, designed to allow vehicles to perform most driving tasks with human supervision, is evolving steadily.

Wedbush analyst Dan Ives highlighted the transformational potential of Tesla’s autonomous initiatives, calling them a “game changer” under policies expected in a potential second Trump administration. Progress in this field is evident not only from Tesla but also from competitors like Alphabet’s Waymo, which completes over 150,000 driverless rides weekly. Ives projects that Tesla’s focus on AI and autonomy could help position the company as a leader in the rapidly growing market for self-driving services. This includes the planned rollout of its robotaxi platform in late 2025.

In addition to its autonomy efforts, Tesla is set to launch a new, lower-cost electric vehicle (EV) in 2024. Mizuho analyst Vijay Rakesh cited self-driving cars as a core reason for his bullish outlook, emphasizing Tesla’s ability to remain ahead of competitors in integrating AI with transportation. ChartSmarter founder Douglas Busch noted that belief in Tesla’s long-term growth story is fueling enthusiasm for its future plans.

Analyst Upgrades Amid Autonomous Driving Advances

Mizuho analyst Vijay Rakesh upgraded from Neutral to Outperform and raised the price target from $230 to $515.
Wedbush analyst Daniel Ives yesterday maintained an Outperform rating and raised the price target from $400 to $515,

Which Analyst has the best track record to show on TSLA?

Analyst Andres Sheppard (CANTOR FITZGERALD) currently has the highest performing score on TSLA with 24/25 (96%) price target fulfillment ratio. His price targets carry an average of $-35.99 (-8.98%) potential downside. Tesla stock price reaches these price targets on average within 18 days.

Viridian’s Veligrotug Shows Breakthrough Results in TED Phase 3 Trial, Benefiting Thousands Globally

Viridian Therapeutics has unveiled promising topline results from the THRIVE-2 global phase 3 trial evaluating veligrotug (VRDN-001) in chronic thyroid eye disease (TED), a condition affecting an estimated 100,000 patients annually in the U.S. alone.

The trial enrolled 188 participants, with 125 receiving veligrotug and 63 on placebo. At the 15-week primary analysis, veligrotug achieved a proptosis responder rate (PRR) of 56%, translating to 70 patients benefiting from significant reductions in eye protrusion. This represented a placebo-adjusted rate of 48% (p < 0.0001) and a mean reduction of 2.34 mm.

In addition, 56% of veligrotug-treated patients (70 individuals) experienced a meaningful diplopia response, compared to 25% (16 individuals) in the placebo group, with a placebo-adjusted rate of 31% (p = 0.0006). Furthermore, 32% of veligrotug patients (40 individuals) achieved complete resolution of diplopia, compared to 14% (9 individuals) in the placebo group (18% placebo-adjusted, p = 0.0152). Importantly, veligrotug was well-tolerated, with 94% (118 participants) completing the treatment regimen. Adverse events were minimal, with a 9.6% placebo-adjusted rate of hearing impairment.

Preparations for a Biologics License Application (BLA) submission are underway, targeting the second half of 2025. Meanwhile, Viridian continues to advance VRDN-003, a subcutaneous anti-IGF-1R antibody, in its phase 3 REVEAL-1 and REVEAL-2 trials. With topline data anticipated in the first half of 2026 and a BLA submission planned by year-end, VRDN-003 could provide additional options for TED patients through an at-home, low-volume, infrequent dosing regimen.

Analysts Reaffirm Positive Outlook Following Trial Results

HC Wainwright & Co. analyst Douglas Tsao reiterated a Buy rating and a $34 price target.
Oppenheimer analyst Leland Gershell reiterated an Outperform rating and a $28.00 price target.

Which Analyst has the best track record to show on VRDN?

Analyst Douglas Tsao (HC WAINWRIGHT) currently has the highest performing score on VRDN with 1/13 (7.69%) price target fulfillment ratio. His price targets carry an average of $11.25 (49.45%) potential upside. Viridian Therapeutics stock price reaches these price targets on average within 40 days.

Larimar Reports Positive Nomlabofusp Data, Expands FA Trials

Larimar Therapeutics has reported early data from its ongoing open-label extension (OLE) study of nomlabofusp, a treatment for Friedreich’s ataxia (FA). In this study, 14 participants were administered daily subcutaneous injections of 25 mg of nomlabofusp for up to 260 days, with the mean duration of treatment being 99 days.

The treatment was generally well tolerated, with the most common adverse events being mild, brief, and self-limited injection site reactions. Tissue frataxin (FXN) levels increased significantly across different cell types, with buccal cells showing a mean change from baseline of 1.32 pg/μg at Day 90 and skin cells showing a mean change of 9.28 pg/μg. FXN levels in buccal cells increased from 15% to 30% of healthy volunteer levels, and in skin cells, the increase was from 16% to 72%.

Pharmacokinetic data suggest that nomlabofusp reaches a steady state in plasma by Day 30, with no further accumulation after prolonged daily dosing. Larimar is now escalating the dose to 50 mg daily for six study participants, with plans to increase the dose for all current participants and initiate new participants on the 50 mg dose.

Looking ahead, Larimar is planning to expand its clinical evaluation into adolescents aged 12 to 17 years, with several hundred participants expected to be involved in the pediatric pharmacokinetic (PK) run-in study, which is set to begin in early 2025. Furthermore, the company aims to initiate a global confirmatory study in mid-2025, which could involve a much larger patient population. If successful, the overall treatment program, including the OLE study and upcoming studies, could potentially benefit thousands of patients globally, as Friedreich’s ataxia affects an estimated 5,000 to 10,000 individuals worldwide.

Analyst Ratings Reflect Mixed Sentiment Amid Promising Data

HC Wainwright & Co. analyst Edward White reiterated a Buy rating and a $15 price target.
Baird analyst Joel Beatty lowered the price target to $13.

Which Analyst has the best track record to show on LRMR?

Analyst Jonathan Wolleben (JMP) currently has the highest performing score on LRMR with 1/10 (10%) price target fulfillment ratio. His price targets carry an average of $17 (212.50%) potential upside. Larimar Therapeutics stock price reaches these price targets on average within 728 days.