Viridian Therapeutics (NASDAQ:VRDN) Shares Up 7.8% - Here's Why

Key Points

• Viridian Therapeutics shares rose 7.8% to about $20.51 in Monday trading, although volume was 69% below the stock’s average session volume.
• Analyst sentiment remains broadly positive: 12 analysts rate VRDN a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $38.69.
• The clinical-stage biotech reported a quarterly loss of $1.05 per share, narrowly missing estimates, while revenue of $0.28 million exceeded expectations; analysts expect a full-year loss of approximately $4.07 per share.

Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report) shares rose 7.8% during trading on Monday. The stock traded as high as $20.32 and last traded at $20.5090. Approximately 641,326 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 2,100,006 shares. The stock had previously closed at $19.03.

Analyst Ratings Changes

Several analysts have weighed in on VRDN shares. Wall Street Zen cut Viridian Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Sunday, October 4th. Truist Financial increased their target price on Viridian Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Royal Bank Of Canada increased their target price on Viridian Therapeutics from $36.00 to $38.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 22nd. The Goldman Sachs Group restated a "buy" rating and issued a $39.00 target price on shares of Viridian Therapeutics in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company upgraded Viridian Therapeutics from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $20.00 to $31.00 in a research report on Monday, June 29th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Viridian Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $38.69.

Viridian Therapeutics Stock Performance

The company has a market capitalization of $2.32 billion, a PE ratio of -6.07 and a beta of 1.11. The business's 50-day moving average is $21.65 and its 200-day moving average is $18.85. The company has a debt-to-equity ratio of 0.43, a quick ratio of 16.95 and a current ratio of 16.95.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Viridian Therapeutics had a negative return on equity of 72.97% and a negative net margin of 505.86%. On average, research analysts anticipate that Viridian Therapeutics, Inc. will post -4.07 earnings per share for the current year.

Insider Activity

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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC purchased a new stake in Viridian Therapeutics during the 2nd quarter valued at about $33,000. Squarepoint Ops LLC increased its stake in Viridian Therapeutics by 303.0% during the 2nd quarter. Squarepoint Ops LLC now owns 176,955 shares of the company's stock valued at $3,251,000 after purchasing an additional 133,046 shares in the last quarter. Arizona State Retirement System increased its stake in Viridian Therapeutics by 19.2% during the 2nd quarter. Arizona State Retirement System now owns 21,330 shares of the company's stock valued at $392,000 after purchasing an additional 3,431 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Viridian Therapeutics during the 2nd quarter valued at about $204,000. Finally, Headlands Technologies LLC raised its holdings in Viridian Therapeutics by 40.1% in the second quarter. Headlands Technologies LLC now owns 46,544 shares of the company's stock worth $855,000 after buying an additional 13,321 shares during the last quarter.

Viridian Therapeutics Company Profile

Viridian Therapeutics, Inc NASDAQ: VRDN is a clinical-stage biotechnology company focused on developing treatments for autoimmune and inflammatory diseases. The company's primary research centers on antibody-based medicines designed to target the insulin-like growth factor 1 receptor (IGF-1R), a biological pathway associated with thyroid eye disease (TED).

Viridian's pipeline includes veligrotug, an investigational monoclonal antibody being developed for TED, as well as additional drug candidates intended to provide alternative dosing options and potentially address broader autoimmune conditions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.