Adage Capital Partners GP L.L.C. Has $15.03 Million Position in 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. lessened its stake in Viridian Therapeutics, Inc. (NASDAQ:VRDN - Free Report) by 33.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,114,586 shares of the company's stock after selling 555,414 shares during the period. 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.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Amalgamated Bank increased its stake in shares of Viridian Therapeutics by 49.7% in the first quarter. Amalgamated Bank now owns 2,531 shares of the company's stock worth $34,000 after buying an additional 840 shares during the last quarter. GAMMA Investing LLC increased its stake in Viridian Therapeutics by 3,892.9% during the first quarter. GAMMA Investing LLC now owns 8,425 shares of the company's stock valued at $114,000 after purchasing an additional 8,214 shares during the last quarter. EntryPoint Capital LLC bought a new stake in Viridian Therapeutics during the first quarter valued at $185,000. Brevan Howard Capital Management LP bought a new stake in Viridian Therapeutics during the fourth quarter valued at $258,000. Finally, Quantbot Technologies LP increased its stake in Viridian Therapeutics by 146.4% during the first quarter. Quantbot Technologies LP now owns 21,131 shares of the company's stock valued at $285,000 after purchasing an additional 12,556 shares during the last quarter.

Viridian Therapeutics Price Performance

Shares of NASDAQ:VRDN traded down $0.46 during trading hours on Wednesday, hitting $19.75. 401,804 shares of the company's stock traded hands, compared to its average volume of 896,051. Viridian Therapeutics, Inc. has a 52 week low of $9.90 and a 52 week high of $27.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 11.01 and a current ratio of 11.01. The company's fifty day simple moving average is $17.60 and its two-hundred day simple moving average is $15.27. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -5.17 and a beta of 0.53.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($1.00) earnings per share for the quarter, meeting the consensus estimate of ($1.00). Viridian Therapeutics had a negative net margin of 112,806.88% and a negative return on equity of 78.95%. The company had revenue of $0.08 million during the quarter, compared to analyst estimates of $0.05 million. During the same quarter last year, the firm posted ($0.81) EPS. The business's revenue for the quarter was up 4.2% on a year-over-year basis. As a group, equities analysts anticipate that Viridian Therapeutics, Inc. will post -4.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. The Goldman Sachs Group increased their target price on Viridian Therapeutics from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on shares of Viridian Therapeutics from $45.00 to $41.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Jefferies Financial Group started coverage on shares of Viridian Therapeutics in a research report on Monday, August 25th. They set a "buy" rating and a $44.00 price target for the company. Oppenheimer increased their target price on shares of Viridian Therapeutics from $28.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company decreased their target price 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. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.78.

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.