Bank of America Corp DE Acquires 173,498 Shares of Viridian Therapeutics, Inc. $VRDN

Key Points

• Bank of America increased its Viridian Therapeutics stake by 17.5%, purchasing 173,498 additional shares to hold 1.16 million shares valued at approximately $22.8 million, or 1.13% of the company.
• Viridian shares rose 4.6% to $23.09, although the clinical-stage biotech reported a quarterly loss of $1.05 per share, slightly worse than analysts’ expectations.
• Wall Street remains broadly optimistic: 13 analysts rate the stock a Buy, one rates it a Sell, and the consensus price target is $38.93 versus the current price.

Bank of America Corp DE raised its holdings in shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN - Free Report) by 17.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,163,615 shares of the company's stock after buying an additional 173,498 shares during the quarter. Bank of America Corp DE owned about 1.13% of Viridian Therapeutics worth $22,760,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. KBC Group NV bought a new position in Viridian Therapeutics during the first quarter worth $34,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Viridian Therapeutics during the 4th quarter worth about $36,000. Larson Financial Group LLC acquired a new position in shares of Viridian Therapeutics during the third quarter valued at about $52,000. US Bancorp DE raised its position in shares of Viridian Therapeutics by 23.2% during the third quarter. US Bancorp DE now owns 2,457 shares of the company's stock valued at $53,000 after buying an additional 463 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Viridian Therapeutics in the first quarter valued at about $93,000.

Viridian Therapeutics Stock Up 4.6%

NASDAQ VRDN opened at $23.09 on Tuesday. Viridian Therapeutics, Inc. has a 1-year low of $13.18 and a 1-year high of $34.29. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -6.85 and a beta of 0.91. The stock's 50 day moving average is $19.16 and its two-hundred day moving average is $21.16. 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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Viridian Therapeutics had a negative return on equity of 72.97% and a negative net margin of 505.86%. Equities analysts forecast that Viridian Therapeutics, Inc. will post -4.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VRDN. Needham & Company LLC restated a "buy" rating and set a $32.00 price target on shares of Viridian Therapeutics in a research note on Monday, June 29th. Wells Fargo & Company upgraded Viridian Therapeutics from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $20.00 to $31.00 in a research report on Monday, June 29th. Wedbush lifted their price objective on Viridian Therapeutics from $32.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, June 30th. Stifel Nicolaus set a $39.00 price objective on Viridian Therapeutics in a research report on Wednesday, May 13th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $39.00 target price on shares of Viridian Therapeutics in a research note on Tuesday, June 30th. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $38.93.

About Viridian Therapeutics

Viridian Therapeutics, Inc NASDAQ: VRDN is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted antibody therapeutics for patients suffering from rare and serious diseases. The company's lead program, VRDN-001, is a fully human monoclonal antibody that antagonizes the insulin-like growth factor-1 receptor (IGF-1R), with an initial focus on thyroid eye disease (TED). By selectively inhibiting IGF-1R signaling, VRDN-001 aims to reduce inflammation and tissue remodeling associated with TED and related disorders.

In addition to VRDN-001, Viridian is advancing a second antibody program, VRDN-002, which targets complement-mediated pathways implicated in autoimmune and inflammatory diseases.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source