Viridian Therapeutics (NASDAQ:VRDN) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Viridian Therapeutics (NASDAQ:VRDN) had its target price lifted by equities researchers at Royal Bank Of Canada from $38.00 to $41.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada‘s price objective would suggest a potential upside of 43.91% from the company’s previous close.

A number of other equities analysts have also weighed in on the company. Leerink Partners boosted their price objective on Viridian Therapeutics from $50.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday. Wells Fargo & Company upped their target price on Viridian Therapeutics from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Thursday. Weiss Ratings raised Viridian Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. Wedbush lifted their price target on Viridian Therapeutics from $41.00 to $42.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Wall Street Zen cut shares of Viridian Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Sunday, October 4th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Viridian Therapeutics Price Performance

VRDN traded down $0.06 during trading on Thursday, 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. 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 fifty day simple moving average of $21.97 and a two-hundred day simple moving average of $21.81. Viridian Therapeutics has a 1 year low of $13.18 and a 1 year high of $34.29. The company has a market cap of $3.23 billion, a price-to-earnings ratio of -7.42 and a beta of 1.07.

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

Insider Activity

In other news, insider Jennifer Tousignant sold 14,212 shares of Viridian Therapeutics stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $24.50, for a total transaction of $348,194.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in VRDN. Wellington Management Group LLP increased its stake in Viridian Therapeutics by 1.6% during the second quarter. Wellington Management Group LLP now owns 3,128,362 shares of the company’s stock worth $57,468,000 after acquiring an additional 49,808 shares during the last quarter. Parkman Healthcare Partners LLC acquired a new position in shares of Viridian Therapeutics in the 2nd quarter valued at $25,306,000. Bank of America Corp DE lifted its stake in shares of Viridian Therapeutics by 17.5% in the 1st quarter. Bank of America Corp DE now owns 1,163,615 shares of the company’s stock valued at $22,760,000 after purchasing an additional 173,498 shares during the last quarter. Rice Hall James & Associates LLC purchased a new position in shares of Viridian Therapeutics during the 2nd quarter worth $21,601,000. Finally, Elmind Capital LP acquired a new stake in shares of Viridian Therapeutics during the 2nd quarter worth about $18,093,182.

Viridian Therapeutics News Roundup

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.