Viridian Therapeutics (NASDAQ:VRDN) Shares Gap Down on Analyst Downgrade

Viridian Therapeutics, Inc. (NASDAQ:VRDN)’s share price gapped down before the market opened on Thursday after Oppenheimer lowered their price target on the stock from $36.00 to $31.00. The stock had previously closed at $14.90, but opened at $14.18. Oppenheimer currently has an outperform rating on the stock. Viridian Therapeutics shares last traded at $13.96, with a volume of 105,529 shares changing hands.

A number of other equities research analysts have also recently issued reports on the company. B. Riley cut Viridian Therapeutics from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $25.00 to $20.00 in a research report on Thursday. LADENBURG THALM/SH SH cut Viridian Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. Wedbush upped their price target on Viridian Therapeutics from $39.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Needham & Company LLC restated a “buy” rating and issued a $30.00 target price on shares of Viridian Therapeutics in a research note on Thursday. Finally, HC Wainwright restated a “buy” rating and issued a $37.00 target price on shares of Viridian Therapeutics in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.60.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Viridian Therapeutics by 122.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,369 shares of the company’s stock worth $182,000 after purchasing an additional 4,610 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of Viridian Therapeutics in the 4th quarter valued at $208,000. Principal Financial Group Inc. lifted its holdings 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. Raymond James & Associates increased its holdings in shares of Viridian Therapeutics by 71.1% in the third quarter. Raymond James & Associates now owns 15,164 shares of the company’s stock worth $233,000 after acquiring an additional 6,303 shares in the last quarter. Finally, Dark Forest Capital Management LP acquired a new position in shares of Viridian Therapeutics in the 3rd quarter valued at approximately $264,000.

Viridian Therapeutics Trading Down 6.4 %

The company has a current ratio of 18.26, a quick ratio of 18.26 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average of $16.46 and a 200-day moving average of $17.64. The firm has a market capitalization of $890.29 million, a P/E ratio of -2.63 and a beta of 1.14.

Viridian Therapeutics (NASDAQ:VRDN) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.79) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.28. Viridian Therapeutics had a negative net margin of 75,711.48% and a negative return on equity of 121.80%. The company had revenue of $0.07 million during the quarter, compared to the consensus estimate of $0.09 million. During the same quarter in the prior year, the firm earned ($1.61) earnings per share. The firm’s revenue was down 26.5% compared to the same quarter last year. Analysts anticipate that Viridian Therapeutics, Inc. will post -4.39 EPS for the current fiscal 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.