Viridian Therapeutics (NASDAQ:VRDN) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Viridian Therapeutics reported a quarterly loss of $1.05 per share, missing analyst expectations by $0.02. Revenue was $0.28 million, above the $0.06 million consensus estimate.
• Shares rose to $23.59, while the stock remained below its 12-month high of $34.29. The company reported substantial liquidity, with quick and current ratios of 15.15.
• Analysts remain broadly bullish: 13 analysts rate the stock a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $38.93. Fairmount Funds Management also increased its position by 30.05% through a purchase of nearly 1.18 million shares.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) announced its earnings results on Thursday. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.02), Zacks reports. Viridian Therapeutics had a negative net margin of 490.31% and a negative return on equity of 80.19%. The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million.

Viridian Therapeutics Price Performance

NASDAQ:VRDN traded up $1.08 on Friday, reaching $23.59. 1,659,799 shares of the company's stock traded hands, compared to its average volume of 2,224,293. The company has a quick ratio of 15.15, a current ratio of 15.15 and a debt-to-equity ratio of 0.10. The stock has a 50-day simple moving average of $18.26 and a 200-day simple moving average of $21.65. The firm has a market cap of $2.43 billion, a PE ratio of -7.11 and a beta of 0.91. Viridian Therapeutics has a 12 month low of $13.18 and a 12 month high of $34.29.

Insider Activity at Viridian Therapeutics

In other Viridian Therapeutics news, Director Fairmount Funds Management Llc acquired 1,176,470 shares of the company's stock in a transaction dated Monday, May 11th. The stock was purchased at an average price of $17.00 per share, with a total value of $19,999,990.00. Following the completion of the purchase, the director directly owned 5,090,928 shares in the company, valued at approximately $86,545,776. The trade was a 30.05% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.40% of the stock is owned by insiders.

Institutional Trading of Viridian Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC purchased a new position in shares of Viridian Therapeutics in the third quarter worth $52,000. US Bancorp DE grew its stake in Viridian Therapeutics by 23.2% during the third quarter. US Bancorp DE now owns 2,457 shares of the company's stock valued at $53,000 after acquiring an additional 463 shares in the last quarter. Sei Investments Co. bought a new stake in Viridian Therapeutics in the 2nd quarter valued at $147,000. Persistent Asset Partners Ltd purchased a new stake in Viridian Therapeutics in the 4th quarter worth $176,000. Finally, Creative Planning purchased a new stake in Viridian Therapeutics in the 2nd quarter worth $179,000.

Analyst Ratings Changes

VRDN has been the topic of several analyst reports. Stifel Nicolaus set a $39.00 price target on shares of Viridian Therapeutics in a research note on Wednesday, May 13th. Truist Financial upped their price objective on Viridian Therapeutics from $38.00 to $39.00 and gave the stock a "buy" rating in a research note on Friday. Royal Bank Of Canada raised their target price on Viridian Therapeutics from $35.00 to $36.00 and gave the stock an "outperform" rating in a report on Friday. Wedbush lifted their target price on Viridian Therapeutics from $32.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, June 30th. Finally, Wells Fargo & Company raised Viridian Therapeutics from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $20.00 to $31.00 in a report on Monday, June 29th. Thirteen equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Viridian Therapeutics has an average rating of "Moderate Buy" and an average price target of $38.93.

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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