Bank of New York Mellon Corp Buys 56,814 Shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN)

Bank of New York Mellon Corp increased its stake in shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN) by 37.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 208,676 shares of the company’s stock after acquiring an additional 56,814 shares during the quarter. Bank of New York Mellon Corp’s holdings in Viridian Therapeutics were worth $2,715,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its stake in Viridian Therapeutics by 19.2% during the first quarter. Ameritas Investment Partners Inc. now owns 4,961 shares of the company’s stock worth $87,000 after acquiring an additional 799 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Viridian Therapeutics by 9.7% during the first quarter. Principal Financial Group Inc. now owns 11,915 shares of the company’s stock worth $209,000 after acquiring an additional 1,058 shares in the last quarter. AlphaCentric Advisors LLC lifted its stake in shares of Viridian Therapeutics by 108.3% in the second quarter. AlphaCentric Advisors LLC now owns 12,500 shares of the company’s stock valued at $163,000 after buying an additional 6,500 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Viridian Therapeutics in the fourth quarter valued at $424,000. Finally, American International Group Inc. lifted its stake in shares of Viridian Therapeutics by 15.4% in the first quarter. American International Group Inc. now owns 24,515 shares of the company’s stock valued at $429,000 after buying an additional 3,266 shares in the last quarter.

Wall Street Analyst Weigh In

VRDN has been the topic of a number of recent research reports. Oppenheimer reaffirmed an “outperform” rating and issued a $28.00 price objective (down from $31.00) on shares of Viridian Therapeutics in a research note on Monday, August 12th. BTIG Research raised their price objective on shares of Viridian Therapeutics from $46.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Needham & Company LLC raised their price objective on shares of Viridian Therapeutics from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. The Goldman Sachs Group raised their price objective on shares of Viridian Therapeutics from $25.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada raised their price objective on shares of Viridian Therapeutics from $35.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.30.

Viridian Therapeutics Stock Performance

NASDAQ VRDN opened at $22.06 on Monday. Viridian Therapeutics, Inc. has a 52-week low of $10.93 and a 52-week high of $24.18. The company has a 50-day simple moving average of $15.39 and a 200 day simple moving average of $14.98. The company has a debt-to-equity ratio of 0.05, a quick ratio of 15.82 and a current ratio of 15.82. The company has a market capitalization of $1.41 billion, a PE ratio of -4.90 and a beta of 1.03.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($1.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.15). The company had revenue of $0.07 million for the quarter, compared to analysts’ expectations of $0.09 million. Viridian Therapeutics had a negative return on equity of 83.18% and a negative net margin of 79,185.77%. On average, research analysts predict that Viridian Therapeutics, Inc. will post -3.93 EPS for the current year.

About Viridian Therapeutics

Viridian Therapeutics, Inc, a biotechnology company, discover and develops treatments for serious and rare diseases. The company's product pipeline includes VRDN-001, a monoclonal antibody targeting insulin-like growth factor-1 receptor that is in Phase 3 clinical trial for the treatment of thyroid eye disease (TED); and VRDN-003, a next generation IGF-1R humanized monoclonal antibodies targeting IGF-1R and incorporating half-life extension technology for the treatment of TED.