Shares of Viela Bio Inc. rose 20% after an analyst at H.C. Wainwright & Co. initiated coverage of the stock.
This morning, shares of clinical-stage biotechnology firm Viela Bio Inc. (VIE:NASDAQ), which is focused on pioneering treatments for autoimmune and severe inflammatory diseases, traded more than 20% higher after a report that H.C. Wainwright & Co. initiated coverage of the company with a "Buy and price target of $60."
According to the report, H.C. Wainwright analyst Raghuram Selvaraju, Ph.D., stated, "Viela Bio has demonstrated what we believe to be best-in-class clinical data in neuromyelitis optica spectrum disorder (NMOSD)...We expect inebilizumab to garner a commanding share of the market in NMOSD, given its best-in-class profile."
Viela Bio is a clinical-stage biotechnology company headquartered in Gaithersburg, Md., that is focused on the development and commercialization of treatments for autoimmune and severe inflammatory diseases. The firm's research is aimed at targeting the underlying molecular pathogenesis of the disease and is concentrated on well-established critical biological pathways shared across multiple indications. The company filed a Biologics License Application (BLA) for its lead asset inebilizumab, a first-line monotherapy treatment for patients with neuromyelitis optica spectrum disorder (NMOSD), which has been accepted for review by the U.S. Food and Drug Administration (FDA). Viela is also advancing clinical studies in diseases including Sjögren's syndrome, myasthenia gravis and IgG4-related disease.
Viela Bio began the day with a market capitalization of around $1.9 billion with approximately 50.96 million shares outstanding. Following the Presidents Day holiday, VIE shares opened today at $38.53 (+$1.02, +2.72%) over Friday's closing price of $37.31. The stock has traded today between $38.53 and $45.50 per share and is currently trading at $43.98 (+$6.47, +17.25%).
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