Viridian Therapeutics (NASDAQ:VRDN) Stock Price Down 5.8% – Here’s Why

Viridian Therapeutics, Inc. (NASDAQ:VRDN)’s stock price traded down 5.8% on Thursday. The company traded as low as $19.47 and last traded at $19.40. Approximately 253,603 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,084,229 shares. The stock had previously closed at $20.59.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company raised shares of Viridian Therapeutics from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $20.00 to $31.00 in a research note on Monday, June 29th. Wedbush upped their price target on shares of Viridian Therapeutics from $32.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, June 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Viridian Therapeutics in a research note on Monday, June 29th. Royal Bank Of Canada lifted their price objective on shares of Viridian Therapeutics from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 22nd. Finally, Weiss Ratings raised shares of Viridian Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. Twelve research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Viridian Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $38.69.

Viridian Therapeutics Stock Down 6.4%

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 firm has a market capitalization of $2.18 billion, a PE ratio of -5.71 and a beta of 0.97. The business’s 50-day moving average price is $22.04 and its 200-day moving average price is $19.56.

Viridian Therapeutics (NASDAQ:VRDN) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. Viridian Therapeutics had a negative net margin of 505.86% and a negative return on equity of 72.97%. As a group, equities research analysts predict that Viridian Therapeutics, Inc. will post -4.07 EPS for the current fiscal year.

Insider Buying and Selling at Viridian Therapeutics

In related news, insider Jennifer Tousignant sold 14,212 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $24.50, for a total transaction of $348,194.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Viridian Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. KBC Group NV acquired a new stake in shares of Viridian Therapeutics during the 1st quarter valued at about $34,000. Integrated Wealth Concepts LLC bought a new position in Viridian Therapeutics during the second quarter valued at approximately $33,000. State of Wyoming acquired a new stake in Viridian Therapeutics in the second quarter valued at approximately $43,000. Man Group plc bought a new stake in Viridian Therapeutics in the second quarter worth approximately $197,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Viridian Therapeutics during the 2nd quarter worth $204,000.

Viridian Therapeutics Company Profile

Viridian Therapeutics, Inc (NASDAQ:VRDN) is a clinical-stage biotechnology company focused on developing treatments for autoimmune and inflammatory diseases. The company’s primary research centers on antibody-based medicines designed to target the insulin-like growth factor 1 receptor (IGF-1R), a biological pathway associated with thyroid eye disease (TED).

Viridian’s pipeline includes veligrotug, an investigational monoclonal antibody being developed for TED, as well as additional drug candidates intended to provide alternative dosing options and potentially address broader autoimmune conditions.