Adage Capital Partners GP L.L.C. Sells 555,414 Shares of Viridian Therapeutics, Inc. $VRDN

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Viridian Therapeutics by 33.3%, selling 555,414 shares and leaving it with 1,114,586 shares valued at approximately $15 million.
• Several institutional investors showed increased interest, with GAMMA Investing LLC raising its position by 3,892.9% during the first quarter, owning 8,425 shares worth $114,000.
• Viridian's stock has a current market capitalization of $1.53 billion and a recent price target consensus of $37.78 from analysts, with a majority rating it as a "Moderate Buy."

Adage Capital Partners GP L.L.C. cut its position in Viridian Therapeutics, Inc. (NASDAQ:VRDN - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,114,586 shares of the company's stock after selling 555,414 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 1.37% of Viridian Therapeutics worth $15,025,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in VRDN. ADAR1 Capital Management LLC lifted its stake in shares of Viridian Therapeutics by 203.8% during the 1st quarter. ADAR1 Capital Management LLC now owns 79,000 shares of the company's stock valued at $1,065,000 after buying an additional 53,000 shares in the last quarter. Maverick Capital Ltd. lifted its position in shares of Viridian Therapeutics by 0.4% during the first quarter. Maverick Capital Ltd. now owns 2,061,274 shares of the company's stock worth $27,786,000 after acquiring an additional 7,368 shares in the last quarter. Paradigm Biocapital Advisors LP boosted its holdings in shares of Viridian Therapeutics by 15.1% in the first quarter. Paradigm Biocapital Advisors LP now owns 2,095,079 shares of the company's stock worth $28,242,000 after acquiring an additional 275,000 shares during the period. Panagora Asset Management Inc. grew its position in shares of Viridian Therapeutics by 40.2% in the first quarter. Panagora Asset Management Inc. now owns 354,739 shares of the company's stock valued at $4,782,000 after purchasing an additional 101,717 shares in the last quarter. Finally, Affinity Asset Advisors LLC grew its position in shares of Viridian Therapeutics by 144.3% in the first quarter. Affinity Asset Advisors LLC now owns 390,000 shares of the company's stock valued at $5,257,000 after purchasing an additional 230,386 shares in the last quarter.

Analysts Set New Price Targets

VRDN has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price objective on Viridian Therapeutics from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Jefferies Financial Group started coverage on shares of Viridian Therapeutics in a report on Monday, August 25th. They issued a "buy" rating and a $44.00 price target on the stock. Wells Fargo & Company cut their price objective on shares of Viridian Therapeutics from $27.00 to $26.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. Needham & Company LLC decreased their target price on shares of Viridian Therapeutics from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Finally, Oppenheimer raised their price target on shares of Viridian Therapeutics from $28.00 to $32.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $37.78.

Viridian Therapeutics Price Performance

Shares of VRDN stock traded down $0.17 during trading on Thursday, hitting $19.65. The company had a trading volume of 467,250 shares, compared to its average volume of 856,173. The stock's 50-day moving average is $17.77 and its two-hundred day moving average is $15.33. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -5.13 and a beta of 0.53. The company has a quick ratio of 11.01, a current ratio of 11.01 and a debt-to-equity ratio of 0.04. Viridian Therapeutics, Inc. has a 52 week low of $9.90 and a 52 week high of $27.20.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($1.00) EPS for the quarter, hitting analysts' consensus estimates of ($1.00). The business had revenue of $0.08 million during the quarter, compared to analysts' expectations of $0.05 million. Viridian Therapeutics had a negative net margin of 112,806.88% and a negative return on equity of 78.95%. The business's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.81) EPS. As a group, analysts predict that Viridian Therapeutics, Inc. will post -4.03 EPS for the current fiscal year.

Viridian Therapeutics Profile

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.