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

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 target cut by research analysts at Needham & Company LLC from $36.00 to $34.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 98.15% from the stock's previous close.

A number of other research firms have also issued reports on VRDN. HC Wainwright reiterated a "buy" rating and issued a $34.00 target price on shares of Viridian Therapeutics in a research note on Wednesday, April 23rd. JMP Securities reduced their target price on Viridian Therapeutics from $42.00 to $38.00 and set a "market outperform" rating on the stock in a report on Wednesday, May 7th. The Goldman Sachs Group reduced their target price on Viridian Therapeutics from $31.00 to $27.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Royal Bank Of Canada dropped their price target 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. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Viridian Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $36.75.

Viridian Therapeutics Price Performance

Shares of NASDAQ:VRDN traded down $0.28 on Wednesday, hitting $17.16. The company had a trading volume of 846,139 shares, compared to its average volume of 895,492. The company has a market cap of $1.40 billion, a PE ratio of -4.46 and a beta of 0.42. The business has a 50 day moving average of $15.77 and a 200 day moving average of $15.22. Viridian Therapeutics has a 52-week low of $9.90 and a 52-week high of $27.20. The company has a current ratio of 19.49, a quick ratio of 19.49 and a debt-to-equity ratio of 0.05.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last released its earnings results 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 analyst estimates of $0.05 million. Viridian Therapeutics had a negative return on equity of 70.61% and a negative net margin of 102,092.39%. The business's quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.81) earnings per share. As a group, equities analysts anticipate that Viridian Therapeutics will post -4.03 earnings per share for the current fiscal year.

Institutional Trading of Viridian Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of VRDN. Amalgamated Bank boosted its position in Viridian Therapeutics by 49.7% during the first quarter. Amalgamated Bank now owns 2,531 shares of the company's stock valued at $34,000 after purchasing an additional 840 shares during the last quarter. Nuveen Asset Management LLC grew its position in Viridian Therapeutics by 198.2% during the fourth 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 in the last quarter. Principal Financial Group Inc. grew its position in Viridian Therapeutics by 17.0% during the first 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 in the last quarter. Vanguard Group Inc. grew its position in Viridian Therapeutics by 4.0% during the fourth 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 in the last quarter. Finally, Rhumbline Advisers grew its position in Viridian Therapeutics by 4.6% during the first quarter. Rhumbline Advisers now owns 104,559 shares of the company's stock worth $1,409,000 after buying an additional 4,621 shares in the last quarter.

Viridian Therapeutics Company 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.

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