Wedbush Forecasts Strong Price Appreciation for Viridian Therapeutics (NASDAQ:VRDN) Stock

Viridian Therapeutics (NASDAQ:VRDN) had its target price raised by stock analysts at Wedbush from $32.00 to $43.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target would indicate a potential upside of 128.85% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus set a $39.00 price target on shares of Viridian Therapeutics in a report on Wednesday, May 13th. Wells Fargo & Company upgraded shares of Viridian Therapeutics from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $20.00 to $31.00 in a report on Monday. Truist Financial lowered their price objective on shares of Viridian Therapeutics from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. The Goldman Sachs Group dropped their target price on shares of Viridian Therapeutics from $36.00 to $31.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $32.00 target price on shares of Viridian Therapeutics in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.79.

Viridian Therapeutics Stock Performance

Shares of Viridian Therapeutics stock opened at $18.79 on Tuesday. The business’s fifty day simple moving average is $16.34 and its 200 day simple moving average is $24.12. The company has a current ratio of 15.15, a quick ratio of 15.15 and a debt-to-equity ratio of 0.10. Viridian Therapeutics has a 12 month low of $13.18 and a 12 month high of $34.29. The firm has a market capitalization of $1.94 billion, a P/E ratio of -5.66 and a beta of 0.90.

Viridian Therapeutics (NASDAQ:VRDN) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.90) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.16. Viridian Therapeutics had a negative return on equity of 80.19% and a negative net margin of 490.31%.The firm had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.04 million. During the same quarter in the prior year, the company earned ($0.87) EPS. The business’s revenue for the quarter was up 95.8% on a year-over-year basis. As a group, analysts anticipate that Viridian Therapeutics will post -3.87 EPS for the current year.

Insider Buying and Selling at Viridian Therapeutics

In other news, Director Fairmount Funds Management Llc purchased 1,176,470 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $17.00 per share, for a total transaction of $19,999,990.00. Following the purchase, the director owned 5,090,928 shares of the company’s stock, valued at $86,545,776. The trade was a 30.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Viridian Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hudson Bay Capital Management LP boosted its holdings in Viridian Therapeutics by 46.6% in the 3rd quarter. Hudson Bay Capital Management LP now owns 175,251 shares of the company’s stock worth $3,782,000 after buying an additional 55,689 shares during the period. Fisher Asset Management LLC grew its stake in Viridian Therapeutics by 135.6% in the 3rd quarter. Fisher Asset Management LLC now owns 1,201,226 shares of the company’s stock valued at $25,922,000 after buying an additional 691,267 shares in the last quarter. Propel Bio Management LLC bought a new stake in Viridian Therapeutics during the 3rd quarter valued at $1,942,000. Jennison Associates LLC bought a new stake in Viridian Therapeutics during the 4th quarter valued at $35,915,000. Finally, Knott David M Jr lifted its position in shares of Viridian Therapeutics by 27.4% during the third quarter. Knott David M Jr now owns 116,574 shares of the company’s stock worth $2,516,000 after acquiring an additional 25,091 shares in the last quarter.

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.