Viridian Therapeutics (NASDAQ:VRDN) Shares Gap Up Following Earnings Beat

Key Points

• Viridian beat quarterly estimates: EPS was a loss of $0.81 versus the expected $1.02 loss, while revenue reached $25.75 million, far above the $4.72 million consensus. The company still reported a negative net margin of 505.86%.
• Shares opened at $28.27 after previously closing at $25.15, but were last trading at $25.7090, giving back much of the early gain.
• Analysts’ average rating is “Moderate Buy”, with an average price target of $36.91; 10 analysts rate the stock Buy and one rates it Sell.

Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report)'s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $25.15, but opened at $28.27. Viridian Therapeutics shares last traded at $25.7090, with a volume of 2,153,941 shares trading hands.

The company reported ($0.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.02) by $0.21. Viridian Therapeutics had a negative net margin of 505.86% and a negative return on equity of 72.97%. The business had revenue of $25.75 million for the quarter, compared to analyst estimates of $4.72 million.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on VRDN. Wall Street Zen downgraded shares of Viridian Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Sunday, October 4th. Weiss Ratings raised shares of Viridian Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, September 14th. Truist Financial boosted their price objective on Viridian Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Finally, Royal Bank Of Canada upped their target price on shares of Viridian Therapeutics from $36.00 to $38.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 22nd. Ten investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Viridian Therapeutics has an average rating of "Moderate Buy" and an average price target of $36.91.

Insiders Place Their Bets

In other news, insider Jennifer Tousignant sold 14,212 shares of Viridian Therapeutics stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $24.50, for a total transaction of $348,194.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Viridian Therapeutics

Several hedge funds have recently bought and sold shares of the stock. KBC Group NV acquired a new stake in shares of Viridian Therapeutics in the first quarter valued at $34,000. Integrated Wealth Concepts LLC purchased a new position in Viridian Therapeutics during the 2nd quarter worth approximately $33,000. State of Wyoming acquired a new position in Viridian Therapeutics during the second quarter valued at $43,000. AlphaCentric Advisors LLC acquired a new stake in shares of Viridian Therapeutics during the 3rd quarter valued at $216,000. Finally, Man Group plc acquired a new position in Viridian Therapeutics in the 2nd quarter worth about $197,000.

Viridian Therapeutics Stock Performance

The company has a quick ratio of 16.95, a current ratio of 16.95 and a debt-to-equity ratio of 0.43. The firm's 50-day moving average is $21.70 and its two-hundred day moving average is $21.87. The stock has a market cap of $2.90 billion, a P/E ratio of -7.64 and a beta of 1.07.

About Viridian Therapeutics

Viridian Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for serious autoimmune diseases. The company's lead research area is thyroid eye disease (TED), a debilitating condition that can cause eye inflammation, swelling, pain and vision-related complications.

Viridian's pipeline is centered on antibodies designed to inhibit the insulin-like growth factor-1 receptor (IGF-1R), a target associated with TED. Its investigational therapies include veligrotug (VRDN-001), an intravenous treatment candidate, and VRDN-003, a subcutaneous formulation being developed to provide a more convenient administration option.

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