Needham & Company LLC Lowers Viridian Therapeutics (NASDAQ:VRDN) Price Target to $32.00

Viridian Therapeutics (NASDAQ:VRDN) had its price objective reduced by research analysts at Needham & Company LLC from $42.00 to $32.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 72.86% from the company’s current price.

Several other equities analysts have also commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Viridian Therapeutics in a research note on Wednesday, January 21st. UBS Group assumed coverage on Viridian Therapeutics in a research report on Wednesday, January 7th. They set a “buy” rating and a $50.00 price objective for the company. Royal Bank Of Canada decreased their target price on Viridian Therapeutics from $45.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Evercore reiterated an “outperform” rating and issued a $44.00 target price on shares of Viridian Therapeutics in a research note on Tuesday, January 20th. Finally, Truist Financial reduced their price target on Viridian Therapeutics from $41.00 to $40.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Viridian Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $41.50.

Viridian Therapeutics Stock Down 32.4%

VRDN stock traded down $8.88 during midday trading on Monday, hitting $18.51. The stock had a trading volume of 9,854,565 shares, compared to its average volume of 1,572,499. The business has a 50-day moving average of $29.72 and a two-hundred day moving average of $27.89. Viridian Therapeutics has a 52-week low of $9.90 and a 52-week high of $34.29. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -5.63 and a beta of 1.00. The company has a debt-to-equity ratio of 0.08, a current ratio of 12.65 and a quick ratio of 12.65.

Viridian Therapeutics (NASDAQ:VRDN) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.18). Viridian Therapeutics had a negative net margin of 483.57% and a negative return on equity of 83.25%. The firm had revenue of $0.13 million for the quarter, compared to analysts’ expectations of $15.75 million. As a group, equities research analysts forecast that Viridian Therapeutics will post -4.03 earnings per share for the current fiscal year.

Insider Activity

In other Viridian Therapeutics news, insider Jennifer Tousignant sold 2,272 shares of Viridian Therapeutics stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $31.16, for a total transaction of $70,795.52. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Viridian Therapeutics

Hedge funds have recently modified their holdings of the stock. Avoro Capital Advisors LLC bought a new stake in Viridian Therapeutics during the fourth quarter worth approximately $46,680,000. Seven Fleet Capital Management LP bought a new stake in Viridian Therapeutics during the 4th quarter worth approximately $456,000. Virtu Financial LLC acquired a new position in Viridian Therapeutics in the fourth quarter worth $531,000. Invesco Ltd. raised its holdings in shares of Viridian Therapeutics by 127.1% in the fourth quarter. Invesco Ltd. now owns 183,468 shares of the company’s stock valued at $5,710,000 after buying an additional 102,676 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in Viridian Therapeutics in the 4th quarter valued at about $1,464,000.

Viridian Therapeutics Company Profile

Viridian Therapeutics, Inc (NASDAQ: VRDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted antibody therapeutics for patients suffering from rare and serious diseases. The company’s lead program, VRDN-001, is a fully human monoclonal antibody that antagonizes the insulin-like growth factor-1 receptor (IGF-1R), with an initial focus on thyroid eye disease (TED). By selectively inhibiting IGF-1R signaling, VRDN-001 aims to reduce inflammation and tissue remodeling associated with TED and related disorders.

In addition to VRDN-001, Viridian is advancing a second antibody program, VRDN-002, which targets complement-mediated pathways implicated in autoimmune and inflammatory diseases.