Viridian Therapeutics (NASDAQ:VRDN) Rating Increased to Overweight at Wells Fargo & Company

Viridian Therapeutics (NASDAQ:VRDN) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report released on Monday, Marketbeat reports. The brokerage currently has a $31.00 price target on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 63.99% from the company’s previous close.

A number of other research firms also recently issued reports on VRDN. Truist Financial dropped their target price on shares of Viridian Therapeutics from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. Evercore set a $26.00 target price on shares of Viridian Therapeutics in a research note on Friday, May 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Viridian Therapeutics in a report on Monday, April 20th. Wall Street Zen upgraded shares of Viridian Therapeutics from a “strong sell” rating to a “sell” rating in a report on Sunday, June 14th. Finally, HC Wainwright decreased their price objective on shares of Viridian Therapeutics from $34.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Thirteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.93.

Viridian Therapeutics Trading Up 5.6%

NASDAQ VRDN traded up $1.00 during mid-day trading on Monday, reaching $18.90. 1,094,879 shares of the stock were exchanged, compared to its average volume of 2,222,746. Viridian Therapeutics has a 1-year low of $13.18 and a 1-year high of $34.29. The business’s fifty day simple moving average is $16.25 and its 200 day simple moving average is $24.21. The stock has a market capitalization of $1.95 billion, a PE ratio of -5.78 and a beta of 0.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 15.15 and a current ratio of 15.15.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.90) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.16. Viridian Therapeutics had a negative net margin of 490.31% and a negative return on equity of 80.19%. The company 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 posted ($0.87) EPS. The company’s quarterly revenue was up 95.8% compared to the same quarter last year. On average, research analysts anticipate that Viridian Therapeutics will post -3.87 earnings per share for the current fiscal year.

Insider Transactions at Viridian Therapeutics

In related news, Director Fairmount Funds Management Llc bought 1,176,470 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $17.00 per share, for a total transaction of $19,999,990.00. Following the completion of the purchase, the director directly owned 5,090,928 shares in the company, valued at approximately $86,545,776. The trade was a 30.05% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC increased its position in Viridian Therapeutics by 108.1% in the fourth quarter. Perceptive Advisors LLC now owns 3,042,703 shares of the company’s stock worth $94,689,000 after buying an additional 1,580,303 shares during the period. Morgan Stanley boosted its holdings in shares of Viridian Therapeutics by 805.6% during the fourth quarter. Morgan Stanley now owns 1,738,225 shares of the company’s stock valued at $54,094,000 after acquiring an additional 1,546,284 shares during the period. Avoro Capital Advisors LLC bought a new position in shares of Viridian Therapeutics during the fourth quarter worth about $46,680,000. Vanguard Group Inc. increased its holdings in shares of Viridian Therapeutics by 29.6% in the 4th quarter. Vanguard Group Inc. now owns 5,612,144 shares of the company’s stock worth $174,650,000 after acquiring an additional 1,280,161 shares during the period. Finally, Commodore Capital LP increased its holdings in shares of Viridian Therapeutics by 35.4% in the 2nd quarter. Commodore Capital LP now owns 4,875,000 shares of the company’s stock worth $68,152,000 after acquiring an additional 1,275,000 shares during the period.

About Viridian Therapeutics

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.