Viridian Therapeutics (NASDAQ:VRDN) Sees Large Volume Increase - Time to Buy?

Key Points

• Trading volume jumped 61% to about 3.56 million shares while the stock traded near $17 (down ~3%), indicating unusually strong market activity.
• Analyst sentiment remains largely positive: 12 Buys, 1 Hold and 1 Sell with a consensus price target of $37.31, although several firms recently trimmed their targets.
• Quarterly results topped estimates (EPS -$0.90 vs -$1.06; revenue $0.14M vs $0.04M) but the company is still unprofitable with a negative net margin and sits below its 50- and 200-day moving averages.

Shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 3,561,939 shares traded hands during trading, an increase of 61% from the previous session's volume of 2,209,210 shares.The stock last traded at $17.0240 and had previously closed at $17.53.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VRDN. HC Wainwright decreased their price objective on Viridian Therapeutics from $34.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday, March 31st. Needham & Company LLC restated a "buy" rating and issued a $32.00 target price on shares of Viridian Therapeutics in a research report on Tuesday. UBS Group assumed coverage on Viridian Therapeutics in a research report on Wednesday, January 7th. They issued a "buy" rating and a $50.00 target price for the company. The Goldman Sachs Group lowered their price objective on shares of Viridian Therapeutics from $36.00 to $31.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. Finally, Truist Financial lowered their price objective on shares of Viridian Therapeutics from $36.00 to $33.00 and set a "buy" rating for the company in a report on Tuesday, April 21st. Twelve research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $37.31.

Viridian Therapeutics Trading Down 3.0%

The stock has a market capitalization of $1.75 billion, a P/E ratio of -5.12 and a beta of 0.82. The company has a current ratio of 12.65, a quick ratio of 12.65 and a debt-to-equity ratio of 0.08. The stock's fifty day moving average price is $21.82 and its two-hundred day moving average price is $26.99.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.90) earnings per share for the quarter, topping analysts' consensus estimates of ($1.06) by $0.16. The firm had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.04 million. Viridian Therapeutics had a negative net margin of 490.31% and a negative return on equity of 84.78%. The business's quarterly revenue was up 95.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.87) EPS. Equities research analysts forecast that Viridian Therapeutics, Inc. will post -3.79 EPS for the current year.

Institutional Investors Weigh In On Viridian Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV bought a new stake in Viridian Therapeutics during the 1st quarter valued at $34,000. Aster Capital Management DIFC Ltd bought a new stake in Viridian Therapeutics during the 3rd quarter valued at $35,000. ANTIPODES PARTNERS Ltd bought a new stake in Viridian Therapeutics during the 4th quarter valued at $36,000. Farther Finance Advisors LLC raised its holdings in Viridian Therapeutics by 332.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,940 shares of the company's stock valued at $42,000 after buying an additional 1,491 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in Viridian Therapeutics by 947.7% during the 3rd quarter. Bessemer Group Inc. now owns 2,085 shares of the company's stock valued at $45,000 after buying an additional 1,886 shares during the last quarter.

Viridian Therapeutics Company Profile

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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