Royal Bank Of Canada Issues Pessimistic Forecast for Viridian Therapeutics (NASDAQ:VRDN) Stock Price

Key Points

• Royal Bank of Canada has lowered its price target for Viridian Therapeutics from $45.00 to $41.00, still maintaining an "outperform" rating which implies a potential upside of 146.32% from the stock's previous close.
• Viridian Therapeutics' stock recently traded down 3.2% to $16.65, with a market capitalization of $1.36 billion and an average target price among analysts of $36.63.
• Several other analysts have also adjusted their price targets, with Goldman Sachs lowering theirs to $27.00, while Oppenheimer increased theirs to $32.00, reflecting varied outlooks on the company's performance.

Viridian Therapeutics (NASDAQ:VRDN - Free Report) had its target price reduced by Royal Bank Of Canada from $45.00 to $41.00 in a research report released on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Several other research firms also recently commented on VRDN. Oppenheimer boosted their target price on shares of Viridian Therapeutics from $28.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday. The Goldman Sachs Group lowered their target price on Viridian Therapeutics from $31.00 to $27.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Needham & Company LLC lowered their target price on Viridian Therapeutics from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. HC Wainwright reiterated a "buy" rating and set a $34.00 target price on shares of Viridian Therapeutics in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company lowered their target price on Viridian Therapeutics from $27.00 to $26.00 and set an "equal weight" rating for the company in a research report on Thursday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Viridian Therapeutics Price Performance

Shares of VRDN stock traded up $0.48 during mid-day trading on Thursday, hitting $16.89. The company had a trading volume of 758,148 shares, compared to its average volume of 722,482. Viridian Therapeutics has a 52-week low of $9.90 and a 52-week high of $27.20. The stock's 50 day moving average price is $16.00 and its 200-day moving average price is $15.16. 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 company has a market capitalization of $1.38 billion, a P/E ratio of -4.41 and a beta of 0.42.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($1.00) EPS for the quarter, hitting the consensus estimate of ($1.00). Viridian Therapeutics had a negative net margin of 112,806.88% and a negative return on equity of 78.95%. The firm had revenue of $0.08 million for the quarter, compared to the consensus estimate of $0.05 million. During the same quarter in the previous year, the firm earned ($0.81) earnings per share. The company's quarterly revenue was up 4.2% compared to the same quarter last year. Equities research analysts forecast that Viridian Therapeutics will post -4.03 earnings per share for the current year.

Institutional Trading of Viridian Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in VRDN. FMR LLC raised its stake in Viridian Therapeutics by 6.2% in the fourth quarter. FMR LLC now owns 11,881,912 shares of the company's stock worth $227,776,000 after buying an additional 698,434 shares in the last quarter. Vanguard Group Inc. grew its stake in Viridian Therapeutics by 4.0% in the fourth quarter. Vanguard Group Inc. now owns 4,595,049 shares of the company's stock valued at $88,087,000 after purchasing an additional 174,952 shares during the last quarter. Deep Track Capital LP raised its holdings in Viridian Therapeutics by 20.6% in the fourth quarter. Deep Track Capital LP now owns 4,522,741 shares of the company's stock worth $86,701,000 after purchasing an additional 771,796 shares in the last quarter. Tang Capital Management LLC lifted its position in shares of Viridian Therapeutics by 11.1% during the fourth quarter. Tang Capital Management LLC now owns 2,492,925 shares of the company's stock valued at $47,789,000 after buying an additional 250,000 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP boosted its holdings in shares of Viridian Therapeutics by 15.1% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,095,079 shares of the company's stock valued at $28,242,000 after buying an additional 275,000 shares in the last quarter.

Viridian Therapeutics Company Profile

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.