Viridian Therapeutics (NASDAQ:VRDN) Price Target Lowered to $34.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has lowered its price target for Viridian Therapeutics (NASDAQ:VRDN) from $36.00 to $34.00, while maintaining a "buy" rating, suggesting a potential upside of 98.15% based on the stock's closing price.
• A consensus rating of "Moderate Buy" exists among analysts for Viridian, with a consensus price target of $36.75, despite various firms adjusting their target prices downward.
• Viridian reported its quarterly earnings meeting expectations with an EPS of ($1.00) and revenue of $0.08 million, showing a 4.2% increase compared to the previous year.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) had its price objective reduced by equities research analysts at Needham & Company LLC from $36.00 to $34.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 107.19% from the company's current price.

Several other equities analysts have also recently issued reports on the company. The Goldman Sachs Group dropped their target price on Viridian Therapeutics from $31.00 to $27.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. HC Wainwright reiterated a "buy" rating and set a $34.00 target price on shares of Viridian Therapeutics in a research report on Wednesday, April 23rd. Royal Bank Of Canada dropped their target price on Viridian Therapeutics from $46.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, JMP Securities dropped their target price on Viridian Therapeutics from $42.00 to $38.00 and set a "market outperform" rating on the stock in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Viridian Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Viridian Therapeutics Stock Performance

VRDN traded down $0.12 on Wednesday, hitting $16.41. 879,632 shares of the company traded hands, compared to its average volume of 722,482. The company has a 50 day moving average of $15.95 and a 200-day moving average of $15.17. The company has a quick ratio of 11.01, a current ratio of 11.01 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $1.34 billion, a PE ratio of -4.28 and a beta of 0.42. Viridian Therapeutics has a 12-month low of $9.90 and a 12-month high of $27.20.

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

Institutional Investors Weigh In On Viridian Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank lifted its stake in shares of Viridian Therapeutics by 49.7% during the 1st quarter. Amalgamated Bank now owns 2,531 shares of the company's stock worth $34,000 after purchasing an additional 840 shares during the period. Nuveen Asset Management LLC raised its position in shares of Viridian Therapeutics by 198.2% in the 4th quarter. Nuveen Asset Management LLC now owns 681,012 shares of the company's stock worth $13,055,000 after buying an additional 452,627 shares during the period. Principal Financial Group Inc. raised its position in shares of Viridian Therapeutics by 17.0% in the 1st quarter. Principal Financial Group Inc. now owns 208,836 shares of the company's stock worth $2,815,000 after buying an additional 30,392 shares during the period. Vanguard Group Inc. raised its position in shares of Viridian Therapeutics by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 4,595,049 shares of the company's stock worth $88,087,000 after buying an additional 174,952 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Viridian Therapeutics by 4.6% in the 1st quarter. Rhumbline Advisers now owns 104,559 shares of the company's stock worth $1,409,000 after buying an additional 4,621 shares during the period.

About Viridian Therapeutics

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.