Viridian Therapeutics (VRDN) released Phase 3 data showing significant efficacy for their TED drug candidate that could compete with Amgen's Tepezza blockbuster, with an upcoming June 30 PDUFA decision on their lead drug Veligrotug. The author argues the stock is trading below the institutional offering price of $17, creating an arbitrage opportunity with a potential catalyst to analyst targets of $34+, but acknowledges this is a speculative biotech bet with clinical and regulatory execution risks.