Viridian Therapeutics (NASDAQ:VRDN) Stock Dropped to Strong Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Viridian Therapeutics to “strong sell” from “sell,” contrasting with a broader analyst consensus of “Moderate Buy.” Twelve analysts rate the stock a Buy, while one rates it a Sell, with an average price target of $38.69.
• Viridian shares opened at $19.40, below their 50-day moving average of $22.03, while the company reported a quarterly EPS loss of $1.05 that narrowly missed estimates. Analysts expect a full-year loss of approximately $4.07 per share.
• The clinical-stage biotech develops antibody treatments for autoimmune and inflammatory diseases, including the investigational drug veligrotug for thyroid eye disease. An insider recently sold 14,212 shares, while several institutional investors increased or initiated positions.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report issued on Sunday, Wall Street Zen reports.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company upgraded shares of Viridian Therapeutics from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $20.00 to $31.00 in a report on Monday, June 29th. Truist Financial upped their price objective on Viridian Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a report on Friday, August 7th. Needham & Company LLC reiterated a "buy" rating and issued a $32.00 price objective on shares of Viridian Therapeutics in a research report on Monday, June 29th. The Goldman Sachs Group reissued a "buy" rating and set a $39.00 target price on shares of Viridian Therapeutics in a research note on Tuesday, June 30th. Finally, Wedbush lifted their target price on Viridian Therapeutics from $32.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, June 30th. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $38.69.

Viridian Therapeutics Price Performance

NASDAQ:VRDN opened at $19.40 on Friday. The stock has a 50 day moving average of $22.03 and a two-hundred day moving average of $19.49. Viridian Therapeutics has a 12 month low of $13.18 and a 12 month high of $34.29. The firm has a market cap of $2.20 billion, a P/E ratio of -5.76 and a beta of 1.11. The company has a current ratio of 16.95, a quick ratio of 16.95 and a debt-to-equity ratio of 0.43.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). Viridian Therapeutics had a negative net margin of 505.86% and a negative return on equity of 72.97%. The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. On average, analysts expect that Viridian Therapeutics will post -4.07 earnings per share for the current fiscal year.

Insider Transactions at Viridian Therapeutics

In other news, insider Jennifer Tousignant sold 14,212 shares of Viridian Therapeutics stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $24.50, for a total value of $348,194.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.40% of the stock is currently owned by insiders.

Institutional Trading of Viridian Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Perceptive Advisors LLC raised its position in Viridian Therapeutics by 108.1% in the 4th quarter. Perceptive Advisors LLC now owns 3,042,703 shares of the company's stock valued at $94,689,000 after purchasing an additional 1,580,303 shares in the last quarter. Avoro Capital Advisors LLC purchased a new position in shares of Viridian Therapeutics in the 4th quarter valued at about $46,680,000. Parkman Healthcare Partners LLC acquired a new position in shares of Viridian Therapeutics during the second quarter worth about $25,306,000. Rice Hall James & Associates LLC acquired a new position in shares of Viridian Therapeutics during the second quarter worth about $21,601,000. Finally, Elmind Capital LP purchased a new stake in shares of Viridian Therapeutics during the second quarter worth approximately $18,093,182.

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.

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