Truist Financial Issues Positive Forecast for Viridian Therapeutics (NASDAQ:VRDN) Stock Price

Key Points

• Truist Financial raised its price target for Viridian Therapeutics from $38 to $39 while maintaining a “buy” rating, implying 72.15% potential upside from the stock’s $22.66 price. MarketBeat analysts hold a consensus “Moderate Buy” rating with an average target of $38.86.
• Analyst sentiment is broadly positive: 13 analysts rate Viridian a Buy and one rates it a Sell, while RBC, Needham, and Wells Fargo recently raised targets or ratings. However, Weiss Ratings and Wall Street Zen issued bearish downgrades.
• Viridian reported a quarterly loss of $1.05 per share, slightly worse than the expected $1.03 loss, alongside $0.28 million in revenue. The clinical-stage biotech continues developing antibody therapies, including VRDN-001 for thyroid eye disease and VRDN-002 for autoimmune and inflammatory diseases.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) had its target price lifted by analysts at Truist Financial from $38.00 to $39.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 72.15% from the stock's current price.

Other analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Viridian Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, June 30th. Royal Bank Of Canada boosted their target price on shares of Viridian Therapeutics from $34.00 to $35.00 and gave the company an "outperform" rating in a report on Tuesday, June 30th. Needham & Company LLC reissued a "buy" rating and issued a $32.00 price objective on shares of Viridian Therapeutics in a research report on Monday, June 29th. Wells Fargo & Company upgraded Viridian Therapeutics from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $20.00 to $31.00 in a research note on Monday, June 29th. Finally, Wall Street Zen downgraded shares of Viridian Therapeutics from a "sell" rating to a "strong sell" rating in a report on Saturday, August 1st. Thirteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Viridian Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.86.

Viridian Therapeutics Price Performance

NASDAQ:VRDN opened at $22.66 on Friday. The company has a current ratio of 15.15, a quick ratio of 15.15 and a debt-to-equity ratio of 0.10. Viridian Therapeutics has a 12 month low of $13.18 and a 12 month high of $34.29. The firm has a market cap of $2.34 billion, a P/E ratio of -6.89 and a beta of 0.91. The stock has a 50 day moving average of $18.26 and a two-hundred day moving average of $21.65.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.02). Viridian Therapeutics had a negative return on equity of 80.19% and a negative net margin of 490.31%.The firm had revenue of $0.28 million for the quarter, compared to analysts' expectations of $0.06 million. On average, analysts expect that Viridian Therapeutics will post -3.87 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Fairmount Funds Management Llc acquired 1,176,470 shares of the stock in a transaction on Monday, May 11th. The stock was purchased at an average price of $17.00 per share, for a total transaction of $19,999,990.00. Following the transaction, the director owned 5,090,928 shares of the company's stock, valued at $86,545,776. The trade was a 30.05% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Viridian Therapeutics

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Viridian Therapeutics by 29.6% in the fourth quarter. Vanguard Group Inc. now owns 5,612,144 shares of the company's stock valued at $174,650,000 after buying an additional 1,280,161 shares during the period. Commodore Capital LP boosted its stake in Viridian Therapeutics by 35.4% in the 2nd quarter. Commodore Capital LP now owns 4,875,000 shares of the company's stock valued at $68,152,000 after purchasing an additional 1,275,000 shares during the period. State Street Corp grew its holdings in shares of Viridian Therapeutics by 35.7% during the 4th quarter. State Street Corp now owns 3,466,560 shares of the company's stock worth $107,879,000 after purchasing an additional 912,394 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Viridian Therapeutics by 42.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,439,414 shares of the company's stock worth $107,036,000 after buying an additional 1,021,310 shares in the last quarter. Finally, Perceptive Advisors LLC grew its stake in Viridian Therapeutics by 108.1% during the fourth quarter. Perceptive Advisors LLC now owns 3,042,703 shares of the company's stock worth $94,689,000 after buying an additional 1,580,303 shares in the last quarter.

About Viridian Therapeutics

Viridian Therapeutics, Inc NASDAQ: VRDN is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted antibody therapeutics for patients suffering from rare and serious diseases. The company's lead program, VRDN-001, is a fully human monoclonal antibody that antagonizes the insulin-like growth factor-1 receptor (IGF-1R), with an initial focus on thyroid eye disease (TED). By selectively inhibiting IGF-1R signaling, VRDN-001 aims to reduce inflammation and tissue remodeling associated with TED and related disorders.

In addition to VRDN-001, Viridian is advancing a second antibody program, VRDN-002, which targets complement-mediated pathways implicated in autoimmune and inflammatory diseases.

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