Viridian Therapeutics, Inc. (NASDAQ:VRDN) Sees Large Increase in Short Interest

Key Points

• Viridian Therapeutics experienced a substantial increase in short interest, jumping 576.7% in July, bringing the total to 11,640,000 shares.
• Several institutional investors significantly adjusted their holdings, with American Century Companies Inc. increasing its stake by 304.9% during the fourth quarter.
• Analysts have mixed price targets for Viridian, with an average target of $37.00 and a consensus rating of "Moderate Buy."

Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totaling 11,640,000 shares, anincreaseof576.7% from the June 30th total of 1,720,000 shares. Based on an average daily volume of 736,900 shares, the days-to-cover ratio is presently 15.8 days. Based on an average daily volume of 736,900 shares, the days-to-cover ratio is presently 15.8 days.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Amalgamated Bank increased its stake in shares of Viridian Therapeutics by 49.7% during the 1st quarter. Amalgamated Bank now owns 2,531 shares of the company's stock worth $34,000 after purchasing an additional 840 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Viridian Therapeutics by 198.2% in the 4th quarter. Nuveen Asset Management LLC now owns 681,012 shares of the company's stock worth $13,055,000 after acquiring an additional 452,627 shares during the period. Principal Financial Group Inc. grew its stake in Viridian Therapeutics by 17.0% in the 1st quarter. Principal Financial Group Inc. now owns 208,836 shares of the company's stock worth $2,815,000 after acquiring an additional 30,392 shares during the period. Vanguard Group Inc. grew its stake in Viridian Therapeutics by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 4,595,049 shares of the company's stock worth $88,087,000 after acquiring an additional 174,952 shares during the period. Finally, Rhumbline Advisers grew its stake in Viridian Therapeutics by 4.6% in the 1st quarter. Rhumbline Advisers now owns 104,559 shares of the company's stock worth $1,409,000 after acquiring an additional 4,621 shares during the period.

Viridian Therapeutics Price Performance

Shares of VRDN stock traded up $0.66 during midday trading on Tuesday, reaching $17.52. 385,483 shares of the company traded hands, compared to its average volume of 891,889. The firm's 50 day simple moving average is $15.70 and its two-hundred day simple moving average is $15.21. Viridian Therapeutics has a 1-year low of $9.90 and a 1-year high of $27.20. The company has a debt-to-equity ratio of 0.05, a current ratio of 19.49 and a quick ratio of 19.49. The firm has a market cap of $1.43 billion, a PE ratio of -4.54 and a beta of 0.42.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.87) earnings per share for the quarter, topping analysts' consensus estimates of ($0.95) by $0.08. Viridian Therapeutics had a negative net margin of 102,092.39% and a negative return on equity of 70.61%. The business had revenue of $0.07 million during the quarter, compared to analysts' expectations of $0.16 million. The firm's revenue for the quarter was up .0% on a year-over-year basis. On average, equities research analysts expect that Viridian Therapeutics will post -4.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on VRDN. HC Wainwright reissued a "buy" rating and set a $34.00 price target on shares of Viridian Therapeutics in a report on Wednesday, April 23rd. JMP Securities reduced their price objective on shares of Viridian Therapeutics from $42.00 to $38.00 and set a "market outperform" rating for the company in a research report on Wednesday, May 7th. Royal Bank Of Canada reduced their price objective on shares of Viridian Therapeutics from $46.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. The Goldman Sachs Group reduced their price objective on shares of Viridian Therapeutics from $31.00 to $27.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Needham & Company LLC restated a "buy" rating and issued a $36.00 price objective on shares of Viridian Therapeutics in a research report on Tuesday, May 20th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

About Viridian Therapeutics

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.