Viridian Therapeutics (NASDAQ:VRDN) Sees Large Volume Increase - What's Next?

Key Points

• Unusually-high trading volume: About 2.2 million shares traded (up ~27% from the prior session) and the stock fell to $15.28 from a prior close of $18.84, signaling heightened short-term volatility.
• Analyst backdrop: The consensus rating is a Moderate Buy (13 buys, 1 hold, 1 sell) with a consensus target of $39.21, although several firms recently cut targets while others (e.g., UBS) initiated coverage with higher goals.
• Fundamentals and investor activity: Viridian missed quarter expectations (EPS -$1.08 vs -$0.90; revenue $0.13M vs $15.75M), has negative margins and a forecasted FY EPS of -4.03, but carries low leverage (debt/equity 0.08), strong liquidity and has drawn sizable institutional stakes (e.g., Avoro ~$46.7M, Invesco increased holdings).

Shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report) saw unusually-high trading volume on Monday . Approximately 2,196,079 shares traded hands during mid-day trading, an increase of 27% from the previous session's volume of 1,725,198 shares.The stock last traded at $15.28 and had previously closed at $18.84.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. HC Wainwright lowered their target price on shares of Viridian Therapeutics from $34.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday, March 31st. UBS Group started coverage on Viridian Therapeutics in a research note on Wednesday, January 7th. They issued a "buy" rating and a $50.00 price target for the company. Evercore reissued an "outperform" rating and set a $44.00 price target on shares of Viridian Therapeutics in a research report on Tuesday, January 20th. Wells Fargo & Company dropped their price objective on Viridian Therapeutics from $29.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. Finally, Wedbush cut their target price on Viridian Therapeutics from $44.00 to $37.00 and set an "outperform" rating for the company in a research report on Tuesday, March 31st. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.21.

Viridian Therapeutics Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 12.65 and a quick ratio of 12.65. The stock has a market cap of $1.49 billion, a P/E ratio of -4.43 and a beta of 1.16. The stock has a 50-day simple moving average of $28.35 and a 200-day simple moving average of $27.90.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($1.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.18). The company had revenue of $0.13 million during the quarter, compared to analyst estimates of $15.75 million. Viridian Therapeutics had a negative net margin of 483.57% and a negative return on equity of 83.25%. Research analysts forecast that Viridian Therapeutics, Inc. will post -4.03 earnings per share for the current year.

Institutional Trading of Viridian Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of VRDN. Avoro Capital Advisors LLC bought a new position in shares of Viridian Therapeutics in the 4th quarter valued at $46,680,000. Seven Fleet Capital Management LP acquired a new position in Viridian Therapeutics in the 4th quarter worth about $456,000. Virtu Financial LLC acquired a new position in Viridian Therapeutics in the 4th quarter worth about $531,000. Invesco Ltd. raised its position in Viridian Therapeutics by 127.1% in the fourth quarter. Invesco Ltd. now owns 183,468 shares of the company's stock valued at $5,710,000 after purchasing an additional 102,676 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Viridian Therapeutics during the fourth quarter valued at about $1,464,000.

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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