Viridian Therapeutics, Inc. (NASDAQ:VRDN) Stock Has Average Target Price of $38.92

Key Points

• Analysts remain broadly bullish on Viridian Therapeutics, with 11 buy ratings and one sell rating producing a “Moderate Buy” consensus and an average 12-month price target of $38.92, versus a recent price of $22.37.
• Viridian’s stock trades near the upper half of its $13.18–$34.29 one-year range, while institutional investors including Wellington Management and Bank of America have increased or initiated positions.
• The clinical-stage biotech reported a quarterly loss of $1.05 per share, slightly worse than estimates, and continues developing IGF-1R antibody treatments for thyroid eye disease, including veligrotug and the subcutaneous candidate VRDN-003.

Shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the twelve analysts that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation and eleven have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $38.92.

VRDN has been the subject of a number of research reports. Weiss Ratings raised shares of Viridian Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, September 14th. Truist Financial increased their target price on shares of Viridian Therapeutics from $38.00 to $39.00 and gave the company a "buy" rating in a report on Friday, August 7th. Wells Fargo & Company upgraded shares of Viridian Therapeutics from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $20.00 to $31.00 in a research report on Monday, June 29th. The Goldman Sachs Group reiterated a "buy" rating and issued a $39.00 target price on shares of Viridian Therapeutics in a research report on Tuesday, June 30th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $32.00 price target on shares of Viridian Therapeutics in a research note on Monday, June 29th.

Insider Activity

In other news, insider Jennifer Tousignant sold 14,212 shares of Viridian Therapeutics stock in a transaction dated 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 filing with the SEC, which is available at this link. Company insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Viridian Therapeutics

Several institutional investors have recently bought and sold shares of VRDN. Wellington Management Group LLP increased its stake in Viridian Therapeutics by 1.6% in the 2nd quarter. Wellington Management Group LLP now owns 3,128,362 shares of the company's stock worth $57,468,000 after purchasing an additional 49,808 shares during the period. Parkman Healthcare Partners LLC bought a new stake in Viridian Therapeutics in the second quarter valued at approximately $25,306,000. Bank of America Corp DE boosted its stake in shares of Viridian Therapeutics by 17.5% during the first 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 period. Rice Hall James & Associates LLC purchased a new stake in shares of Viridian Therapeutics during the second quarter valued at approximately $21,601,000. Finally, Elmind Capital LP purchased a new stake in shares of Viridian Therapeutics during the second quarter valued at approximately $18,093,182.

Viridian Therapeutics Stock Performance

NASDAQ:VRDN opened at $22.37 on Friday. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -6.64 and a beta of 1.11. The business has a 50 day moving average of $21.62 and a 200 day moving average of $18.96. The company has a debt-to-equity ratio of 0.43, a current ratio of 16.95 and a quick ratio of 16.95. Viridian Therapeutics has a 1-year low of $13.18 and a 1-year high of $34.29.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last issued its quarterly 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). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Viridian Therapeutics had a negative net margin of 505.86% and a negative return on equity of 72.97%. On average, sell-side analysts predict that Viridian Therapeutics will post -4.07 earnings per share for the current fiscal year.

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.

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