Viridian Therapeutics, Inc. (NASDAQ:VRDN – Get Free Report)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $25.15, but opened at $28.27. Viridian Therapeutics shares last traded at $25.7090, with a volume of 2,153,941 shares trading hands.
The company reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.21. The company had revenue of $25.75 million for the quarter, compared to analyst estimates of $4.72 million. Viridian Therapeutics had a negative net margin of 505.86% and a negative return on equity of 72.97%.
Analyst Upgrades and Downgrades
VRDN has been the topic of several recent research reports. Wall Street Zen lowered Viridian Therapeutics from a “sell” rating to a “strong sell” rating in a report on Sunday, October 4th. Royal Bank Of Canada lifted their price target on shares of Viridian Therapeutics from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 22nd. Truist Financial increased their price objective on shares of Viridian Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Viridian Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, September 14th. Ten analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $36.91.
View Our Latest Stock Analysis on VRDN
Insider Activity
In related news, insider Jennifer Tousignant sold 14,212 shares of Viridian Therapeutics stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $24.50, for a total transaction of $348,194.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is owned by company insiders.
Institutional Trading of Viridian Therapeutics
Several hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Viridian Therapeutics by 1.6% in the second quarter. Wellington Management Group LLP now owns 3,128,362 shares of the company’s stock valued at $57,468,000 after acquiring an additional 49,808 shares during the last quarter. Parkman Healthcare Partners LLC acquired a new position in shares of Viridian Therapeutics in the 2nd quarter worth approximately $25,306,000. Rice Hall James & Associates LLC bought a new stake in Viridian Therapeutics during the 2nd quarter worth approximately $21,601,000. Bank of America Corp DE grew its position in Viridian Therapeutics by 17.5% during the 1st quarter. Bank of America Corp DE now owns 1,163,615 shares of the company’s stock worth $22,760,000 after acquiring an additional 173,498 shares during the last quarter. Finally, Elmind Capital LP bought a new stake in Viridian Therapeutics during the 2nd quarter worth approximately $18,093,182.
Viridian Therapeutics Price Performance
The stock has a fifty day moving average of $21.70 and a two-hundred day moving average of $21.87. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -7.64 and a beta of 1.07. The company has a current ratio of 16.95, a quick ratio of 16.95 and a debt-to-equity ratio of 0.43.
Viridian Therapeutics Company Profile
Viridian Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for serious autoimmune diseases. The company’s lead research area is thyroid eye disease (TED), a debilitating condition that can cause eye inflammation, swelling, pain and vision-related complications.
Viridian’s pipeline is centered on antibodies designed to inhibit the insulin-like growth factor-1 receptor (IGF-1R), a target associated with TED. Its investigational therapies include veligrotug (VRDN-001), an intravenous treatment candidate, and VRDN-003, a subcutaneous formulation being developed to provide a more convenient administration option.
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