Viridian Therapeutics (NASDAQ:VRDN) Posts Earnings Results, Hits Expectations

Key Points

• Viridian Therapeutics reported a quarterly earnings per share (EPS) of ($1.00), meeting analysts' expectations, and a revenue of $0.08 million, which exceeded the consensus estimate.
• The stock currently has a market capitalization of $1.35 billion with several analysts rating it as a "Moderate Buy," suggesting a positive outlook with an average price target of $37.00.
• Institutional investors have been actively adjusting their positions in Viridian, with notable increases from firms such as Goldman Sachs, which raised its stake by 33.8%.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported ($1.00) EPS for the quarter, hitting the consensus estimate of ($1.00), Zacks reports. Viridian Therapeutics had a negative return on equity of 72.85% and a negative net margin of 112,806.88%. The business had revenue of $0.08 million for the quarter, compared to the consensus estimate of $0.05 million. During the same quarter last year, the business posted ($0.81) EPS. The firm's revenue was up 4.2% compared to the same quarter last year.

Viridian Therapeutics Price Performance

Viridian Therapeutics stock opened at $16.53 on Friday. The stock has a 50-day moving average price of $15.89 and a two-hundred day moving average price of $15.23. Viridian Therapeutics has a 12 month low of $9.90 and a 12 month high of $27.20. The company has a market capitalization of $1.35 billion, a PE ratio of -4.32 and a beta of 0.42. The company has a current ratio of 19.49, a quick ratio of 19.49 and a debt-to-equity ratio of 0.05.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Viridian Therapeutics by 1.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,276 shares of the company's stock valued at $669,000 after acquiring an additional 876 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in Viridian Therapeutics in the second quarter valued at $187,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Viridian Therapeutics by 12.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 130,570 shares of the company's stock valued at $1,760,000 after purchasing an additional 14,788 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Viridian Therapeutics by 33.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,231,092 shares of the company's stock worth $16,595,000 after purchasing an additional 310,998 shares during the last quarter.

Wall Street Analyst Weigh In

VRDN has been the subject of a number of recent research reports. HC Wainwright reaffirmed a "buy" rating and set a $34.00 price target on shares of Viridian Therapeutics in a research report on Wednesday, April 23rd. Oppenheimer boosted their price target on shares of Viridian Therapeutics from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday. Needham & Company LLC decreased their price objective on Viridian Therapeutics from $36.00 to $34.00 and set a "buy" rating for the company in a report on Wednesday. Wells Fargo & Company decreased their price objective on shares of Viridian Therapeutics from $27.00 to $26.00 and set an "equal weight" rating for the company in a research report on Thursday. Finally, Royal Bank Of Canada cut their target price on shares of Viridian Therapeutics from $45.00 to $41.00 and set an "outperform" rating for the company in a research note on Thursday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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