Viridian Therapeutics (NASDAQ:VRDN) Shares Up 6.1% – Here’s What Happened

Viridian Therapeutics, Inc. (NASDAQ:VRDN)’s stock price rose 6.1% during mid-day trading on Monday . The company traded as high as $12.90 and last traded at $12.75. Approximately 322,163 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,190,832 shares. The stock had previously closed at $12.02.

Analyst Upgrades and Downgrades

VRDN has been the subject of a number of research analyst reports. Royal Bank of Canada upped their price objective on shares of Viridian Therapeutics from $44.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. HC Wainwright reaffirmed a “buy” rating and set a $34.00 price target on shares of Viridian Therapeutics in a research report on Monday, December 16th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Viridian Therapeutics in a report on Tuesday, January 7th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $27.00 price objective (down previously from $37.00) on shares of Viridian Therapeutics in a report on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Viridian Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $35.70.

Viridian Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 18.55 and a quick ratio of 18.55. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -3.09 and a beta of 0.81. The company has a 50-day simple moving average of $15.08 and a two-hundred day simple moving average of $18.91.

Viridian Therapeutics (NASDAQ:VRDN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.24. Viridian Therapeutics had a negative net margin of 85,127.16% and a negative return on equity of 70.12%. The business had revenue of $0.07 million for the quarter, compared to analysts’ expectations of $0.05 million. On average, equities research analysts predict that Viridian Therapeutics, Inc. will post -4.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of VRDN. FMR LLC raised its stake in shares of Viridian Therapeutics by 6.2% in the 4th quarter. FMR LLC now owns 11,881,912 shares of the company’s stock worth $227,776,000 after buying an additional 698,434 shares in the last quarter. Vanguard Group Inc. grew its position in Viridian Therapeutics by 4.0% in the fourth quarter. Vanguard Group Inc. now owns 4,595,049 shares of the company’s stock worth $88,087,000 after buying an additional 174,952 shares during the last quarter. Deep Track Capital LP boosted its stake in shares of Viridian Therapeutics by 20.6% during the 4th quarter. Deep Track Capital LP now owns 4,522,741 shares of the company’s stock worth $86,701,000 after acquiring an additional 771,796 shares in the last quarter. Tang Capital Management LLC grew its holdings in shares of Viridian Therapeutics by 11.1% in the 4th quarter. Tang Capital Management LLC now owns 2,492,925 shares of the company’s stock worth $47,789,000 after acquiring an additional 250,000 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Viridian Therapeutics by 3.8% during the fourth quarter. Alliancebernstein L.P. now owns 2,286,994 shares of the company’s stock valued at $43,842,000 after purchasing an additional 84,255 shares during the last quarter.

About Viridian Therapeutics

Viridian Therapeutics, Inc, a biotechnology company, discover and develops treatments for serious and rare diseases. The company's product pipeline includes VRDN-001, a monoclonal antibody targeting insulin-like growth factor-1 receptor that is in Phase 3 clinical trial for the treatment of thyroid eye disease (TED); and VRDN-003, a next generation IGF-1R humanized monoclonal antibodies targeting IGF-1R and incorporating half-life extension technology for the treatment of TED.