Elmind Capital LP Reduces Stock Holdings in Viridian Therapeutics, Inc. $VRDN

Key Points

• Elmind Capital LP cut its Viridian Therapeutics stake by 37.7% in the first quarter, selling 323,700 shares and retaining 534,931 shares valued at approximately $10.5 million.
• Institutional sentiment was mixed, with several investors increasing positions while analyst coverage remained broadly positive. Viridian received a consensus “Moderate Buy” rating from 13 Buy and one Sell rating, with an average price target of $38.79.
• Viridian reported a quarterly loss of $0.90 per share, better than the expected $1.06 loss, while revenue rose 95.8% year over year to $0.14 million. The stock opened at $19.70, compared with a 52-week range of $13.18 to $34.29.

Elmind Capital LP reduced its holdings in shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN - Free Report) by 37.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 534,931 shares of the company's stock after selling 323,700 shares during the quarter. Viridian Therapeutics makes up 3.0% of Elmind Capital LP's investment portfolio, making the stock its 12th largest position. Elmind Capital LP owned approximately 0.52% of Viridian Therapeutics worth $10,463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Rice Hall James & Associates LLC grew its position in shares of Viridian Therapeutics by 1.6% in the first quarter. Rice Hall James & Associates LLC now owns 898,611 shares of the company's stock valued at $17,577,000 after purchasing an additional 14,079 shares during the last quarter. Entropy Technologies LP purchased a new position in Viridian Therapeutics during the first quarter worth $224,000. Renaissance Technologies LLC acquired a new position in shares of Viridian Therapeutics in the first quarter worth $3,973,000. Knott David M Jr raised its holdings in shares of Viridian Therapeutics by 24.8% in the first quarter. Knott David M Jr now owns 181,000 shares of the company's stock worth $3,540,000 after acquiring an additional 36,000 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Viridian Therapeutics by 117.0% in the first quarter. Sei Investments Co. now owns 65,777 shares of the company's stock valued at $1,287,000 after acquiring an additional 35,459 shares in the last quarter.

Analyst Upgrades and Downgrades

VRDN has been the topic of several analyst reports. Wells Fargo & Company raised 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 research note on Monday, June 29th. Wedbush boosted their price objective on shares of Viridian Therapeutics from $32.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, June 30th. Weiss Ratings downgraded shares of Viridian Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, June 30th. Evercore set a $26.00 target price on shares of Viridian Therapeutics in a research report on Friday, May 15th. Finally, The Goldman Sachs Group reaffirmed 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's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $38.79.

Viridian Therapeutics Price Performance

VRDN opened at $19.70 on Tuesday. The company's 50 day simple moving average is $17.77 and its 200 day simple moving average is $22.33. The company has a debt-to-equity ratio of 0.10, a quick ratio of 15.15 and a current ratio of 15.15. Viridian Therapeutics, Inc. has a 1 year low of $13.18 and a 1 year high of $34.29. The stock has a market capitalization of $2.03 billion, a PE ratio of -5.93 and a beta of 0.90.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.16. The firm had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.04 million. Viridian Therapeutics had a negative net margin of 490.31% and a negative return on equity of 80.19%. Viridian Therapeutics's revenue for the quarter was up 95.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.87) earnings per share. As a group, sell-side analysts expect that Viridian Therapeutics, Inc. will post -3.87 EPS for the current year.

Insider Activity at Viridian Therapeutics

In other news, Director Fairmount Funds Management Llc acquired 1,176,470 shares of the company's stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $19,999,990.00. Following the acquisition, the director directly owned 5,090,928 shares in the company, valued at approximately $86,545,776. This represents a 30.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 2.40% of the stock is currently owned by insiders.

Viridian Therapeutics Profile

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.

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