Viridian Therapeutics (NASDAQ:VRDN) Price Target Raised to $38.00

Viridian Therapeutics (NASDAQ:VRDN) had its price target raised by Needham & Company LLC from $34.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

VRDN has been the subject of several other research reports. Royal Bank Of Canada increased their target price on Viridian Therapeutics from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 22nd. Truist Financial upped their price target on Viridian Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Wall Street Zen downgraded Viridian Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Sunday, October 4th. Finally, Weiss Ratings raised shares of Viridian Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Viridian Therapeutics Price Performance

VRDN stock traded down $0.06 during trading on Wednesday, reaching $28.49. The company’s stock had a trading volume of 4,487,163 shares, compared to its average volume of 2,101,929. Viridian Therapeutics has a 1 year low of $13.18 and a 1 year high of $34.29. The company has a quick ratio of 16.95, a current ratio of 16.95 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $3.23 billion, a P/E ratio of -7.42 and a beta of 1.07. The company’s fifty day moving average is $21.97 and its 200-day moving average is $21.81.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings results on Wednesday, November 4th. The company reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($1.02) by $0.21. Viridian Therapeutics had a negative return on equity of 72.97% and a negative net margin of 505.86%. The business had revenue of $25.75 million for the quarter, compared to analysts’ expectations of $4.72 million. On average, research analysts expect that Viridian Therapeutics will post -3.94 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jennifer Tousignant sold 14,212 shares of Viridian Therapeutics stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $24.50, for a total value of $348,194.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Viridian Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC grew its holdings in Viridian Therapeutics by 27.6% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 90,019 shares of the company’s stock valued at $1,853,000 after buying an additional 19,466 shares in the last quarter. 71 West Capital Partners raised its holdings in shares of Viridian Therapeutics by 4.1% during the 3rd quarter. 71 West Capital Partners now owns 22,282 shares of the company’s stock worth $459,000 after acquiring an additional 882 shares in the last quarter. Fulcrum Asset Management LLP purchased a new stake in shares of Viridian Therapeutics during the 3rd quarter worth approximately $97,000. Pictet Asset Management Holding SA raised its holdings in shares of Viridian Therapeutics by 13.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 12,741 shares of the company’s stock worth $262,000 after acquiring an additional 1,516 shares in the last quarter. Finally, AlphaCentric Advisors LLC bought a new position in shares of Viridian Therapeutics during the 3rd quarter valued at approximately $216,000.

Key Headlines Impacting Viridian Therapeutics

Here are the key news stories impacting Viridian Therapeutics this week:

• Positive Sentiment: Viridian reported a third-quarter loss of $0.81 per share, narrower than analysts’ roughly $1.02-per-share estimate. The earnings beat, alongside optimism around the Lumvoa launch, has supported investor interest. Viridian Therapeutics Stock Rises 5% Despite Wider Q3 Loss
• Positive Sentiment: Analysts raised targets and maintained bullish ratings. Recent increases include Leerink Partners to $54, RBC to $41, Truist to $42, Wells Fargo to $34, Wedbush to $42 and HC Wainwright to $40. Zacks also noted a positive trend in earnings estimate revisions, though price targets are not guarantees. Zacks analyst outlook
• Neutral Sentiment: The company will present Phase 1 results for VRDN-008 and outline plans for its FcRn portfolio on November 9. The data and development plans could provide meaningful signals about the pipeline, but the outcome is not yet known. VRDN-008 conference call announcement

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.