Needham & Company LLC Forecasts Strong Price Appreciation for Viridian Therapeutics (NASDAQ:VRDN) Stock

Key Points

• Needham raised its price target on Viridian Therapeutics from $34 to $38 and maintained a Buy rating, implying 31.1% upside from the stock’s current price.
• Analyst sentiment is generally positive: 10 analysts rate the stock Buy and one rates it Sell, with a consensus “Moderate Buy” rating and a $37.45 average price target.
• Viridian reported a quarterly loss of $0.81 per share, better than the $1.02 loss analysts expected, and revenue of $25.75 million versus a $4.72 million consensus estimate.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) had its price objective lifted by Needham & Company LLC from $34.00 to $38.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target indicates a potential upside of 31.10% from the stock's current price.

VRDN has been the subject of a number of other reports. Truist Financial increased their price objective on Viridian Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Wall Street Zen lowered Viridian Therapeutics from a "sell" rating to a "strong sell" rating in a report on Sunday, October 4th. Weiss Ratings upgraded Viridian Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, September 14th. Finally, Royal Bank Of Canada increased their price target on Viridian Therapeutics from $36.00 to $38.00 and gave the stock an "outperform" rating in a report on Tuesday, September 22nd. Ten research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Viridian Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $37.45.

Viridian Therapeutics Stock Performance

Viridian Therapeutics stock traded up $3.83 during midday trading on Wednesday, hitting $28.98. 8,901,876 shares of the company's stock were exchanged, compared to its average volume of 2,140,696. The company has a debt-to-equity ratio of 0.43, a quick ratio of 16.95 and a current ratio of 16.95. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -8.63 and a beta of 1.07. Viridian Therapeutics has a 12-month low of $13.18 and a 12-month high of $34.29. The firm's 50 day simple moving average is $21.70 and its 200 day simple moving average is $21.87.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($1.02) by $0.21. Viridian Therapeutics had a negative net margin of 505.86% and a negative return on equity of 72.97%. The business had revenue of $25.75 million during the quarter, compared to the consensus estimate of $4.72 million. Equities research analysts predict that Viridian Therapeutics will post -4.07 EPS for the current year.

Insider Activity

In other news, insider Jennifer Tousignant sold 14,212 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $24.50, for a total value of $348,194.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Parkman Healthcare Partners LLC acquired a new stake in shares of Viridian Therapeutics during the 2nd quarter valued at approximately $25,306,000. Rice Hall James & Associates LLC purchased a new stake in shares of Viridian Therapeutics during the 2nd quarter worth approximately $21,601,000. Elmind Capital LP purchased a new stake in shares of Viridian Therapeutics during the 2nd quarter worth approximately $18,093,182. Bank of America Corp DE acquired a new stake in shares of Viridian Therapeutics in the 2nd quarter worth approximately $17,348,000. Finally, Deutsche Bank AG acquired a new stake in shares of Viridian Therapeutics in the 2nd quarter worth approximately $8,870,000.

About Viridian Therapeutics

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.

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