Viridian Therapeutics (NASDAQ:VRDN) Shares Down 3.4% – Here’s Why

Shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN) were down 3.4% during trading on Tuesday . The stock traded as low as $18.77 and last traded at $19.01. Approximately 81,134 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,168,239 shares. The stock had previously closed at $19.67.

Wall Street Analyst Weigh In

Several brokerages have weighed in on VRDN. Royal Bank of Canada lifted their price objective on shares of Viridian Therapeutics from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. HC Wainwright reiterated a “buy” rating and issued a $34.00 price target on shares of Viridian Therapeutics in a research report on Monday, December 16th. The Goldman Sachs Group increased their price target on Viridian Therapeutics from $25.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, September 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Viridian Therapeutics in a report on Monday, November 25th. Finally, BTIG Research increased their target price on Viridian Therapeutics from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Viridian Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.70.

Viridian Therapeutics Stock Down 1.8 %

The company has a quick ratio of 18.55, a current ratio of 18.55 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average of $21.45 and a two-hundred day moving average of $18.30. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -4.48 and a beta of 1.04.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.04). The company had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.08 million. Viridian Therapeutics had a negative net margin of 85,127.16% and a negative return on equity of 70.12%. As a group, sell-side analysts anticipate that Viridian Therapeutics, Inc. will post -4.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Stephen F. Mahoney purchased 21,400 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were purchased at an average cost of $23.33 per share, with a total value of $499,262.00. Following the completion of the purchase, the chief executive officer now owns 21,400 shares of the company’s stock, valued at $499,262. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, COO Thomas W. Beetham acquired 5,000 shares of the stock in a transaction dated Friday, September 27th. The stock was purchased at an average cost of $23.41 per share, with a total value of $117,050.00. Following the purchase, the chief operating officer now directly owns 6,000 shares of the company’s stock, valued at $140,460. This trade represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.65% of the company’s stock.

Hedge Funds Weigh In On Viridian Therapeutics

Several large investors have recently modified their holdings of VRDN. FMR LLC increased its holdings in Viridian Therapeutics by 16.8% in the third quarter. FMR LLC now owns 11,183,478 shares of the company’s stock valued at $254,424,000 after purchasing an additional 1,610,130 shares during the period. Novo Holdings A S increased its stake in shares of Viridian Therapeutics by 81.8% in the second quarter. Novo Holdings A S now owns 2,000,000 shares of the company’s stock valued at $26,020,000 after buying an additional 900,000 shares during the period. Maverick Capital Ltd. increased its stake in shares of Viridian Therapeutics by 22.9% in the second quarter. Maverick Capital Ltd. now owns 3,307,945 shares of the company’s stock valued at $43,036,000 after buying an additional 615,531 shares during the period. Candriam S.C.A. raised its position in shares of Viridian Therapeutics by 167.8% during the second quarter. Candriam S.C.A. now owns 749,804 shares of the company’s stock worth $9,754,000 after acquiring an additional 469,804 shares during the last quarter. Finally, Parkman Healthcare Partners LLC acquired a new position in shares of Viridian Therapeutics in the third quarter worth approximately $9,669,000.

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.