Viridian Therapeutics (NASDAQ:VRDN) Releases 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) posted its quarterly earnings results on Wednesday. The company reported ($1.00) EPS for the quarter, hitting analysts' consensus estimates of ($1.00), Zacks reports. Viridian Therapeutics had a negative return on equity of 78.95% and a negative net margin of 112,806.88%. The firm had revenue of $0.08 million during the quarter, compared to analyst estimates of $0.05 million. During the same period last year, the company earned ($0.81) earnings per share. The business's revenue for the quarter was up 4.2% on a year-over-year basis.

Viridian Therapeutics Price Performance

VRDN stock traded up $0.95 during mid-day trading on Tuesday, hitting $17.84. 621,344 shares of the stock were exchanged, compared to its average volume of 895,265. The company has a debt-to-equity ratio of 0.04, a current ratio of 11.01 and a quick ratio of 11.01. The business has a fifty day moving average price of $16.00 and a 200 day moving average price of $15.16. Viridian Therapeutics has a 12 month low of $9.90 and a 12 month high of $27.20. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -4.66 and a beta of 0.42.

Analysts Set New Price Targets

A number of research firms have recently commented on VRDN. HC Wainwright reaffirmed a "buy" rating and issued a $34.00 price target on shares of Viridian Therapeutics in a report on Wednesday, April 23rd. Needham & Company LLC cut their price target on Viridian Therapeutics from $36.00 to $34.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. JMP Securities dropped their price objective on Viridian Therapeutics from $42.00 to $38.00 and set a "market outperform" rating for the company in a research note on Wednesday, May 7th. The Goldman Sachs Group lifted their price objective on Viridian Therapeutics from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Oppenheimer lifted their price objective on Viridian Therapeutics from $28.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Institutional Investors Weigh In On Viridian Therapeutics

Several hedge funds have recently added to or reduced their stakes in VRDN. Creative Planning bought a new stake in Viridian Therapeutics during the second quarter worth about $179,000. Envestnet Asset Management Inc. bought a new stake in Viridian Therapeutics during the second quarter worth about $187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 worth $669,000 after purchasing an additional 876 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Viridian Therapeutics by 2.7% in the 2nd quarter. Rhumbline Advisers now owns 107,385 shares of the company's stock valued at $1,501,000 after acquiring an additional 2,826 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Viridian Therapeutics by 12.8% in the 1st 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 acquiring an additional 14,788 shares during the last quarter.

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.