Oppenheimer Forecasts Strong Price Appreciation for Viridian Therapeutics (NASDAQ:VRDN) Stock

Key Points

• Oppenheimer has raised the price target for Viridian Therapeutics (NASDAQ:VRDN) from $28.00 to $32.00, indicating a potential upside of 90.01% from the previous close.
• Several analysts have adjusted their price targets for Viridian, with the consensus now at $37.25 following mixed ratings from different firms.
• Viridian Therapeutics has reported earnings of ($1.00) EPS for the quarter, meeting analysts' expectations, along with a revenue increase of 4.2% year-over-year.

Viridian Therapeutics (NASDAQ:VRDN - Free Report) had its target price raised by Oppenheimer from $28.00 to $32.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages also recently commented on VRDN. HC Wainwright restated 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 dropped their price objective on shares of Viridian Therapeutics from $42.00 to $38.00 and set a "market outperform" rating on the stock in a research note on Wednesday, May 7th. Needham & Company LLC dropped their price objective on shares of Viridian Therapeutics from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. The Goldman Sachs Group dropped their price objective on shares of Viridian Therapeutics from $31.00 to $27.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Royal Bank Of Canada dropped their price objective on shares of Viridian Therapeutics from $46.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $37.00.

Viridian Therapeutics Price Performance

Shares of NASDAQ VRDN traded up $0.23 during mid-day trading on Thursday, hitting $16.64. 342,775 shares of the company's stock traded hands, compared to its average volume of 894,854. The company's 50-day moving average is $15.95 and its two-hundred day moving average is $15.17. The company has a debt-to-equity ratio of 0.04, a current ratio of 11.01 and a quick ratio of 11.01. The company has a market capitalization of $1.36 billion, a P/E ratio of -4.36 and a beta of 0.42. Viridian Therapeutics has a 1 year low of $9.90 and a 1 year 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) earnings per share for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $0.05 million. During the same period in the prior year, the company posted ($0.81) EPS. The firm's revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities analysts anticipate that Viridian Therapeutics will post -4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in VRDN. Amalgamated Bank raised its holdings 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. Foresite Capital Management VI LLC purchased a new position in shares of Viridian Therapeutics during the fourth quarter worth $38,000. GAMMA Investing LLC raised its holdings in shares of Viridian Therapeutics by 3,892.9% during the first quarter. GAMMA Investing LLC now owns 8,425 shares of the company's stock worth $114,000 after purchasing an additional 8,214 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Viridian Therapeutics by 24.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,646 shares of the company's stock worth $147,000 after purchasing an additional 1,516 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Viridian Therapeutics during the second quarter worth $170,000.

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.