Viridian Therapeutics (NASDAQ:VRDN) Shares Gap Up on Strong Earnings

Key Points

• Shares jumped about 30% — VRDN opened at $19.07 (prior close $14.06) after reporting Q1 EPS of ($0.90) that beat the ($1.06) consensus and revenue of $0.14M versus $0.04M, with heavy intraday volume.
• Analysts have trimmed price targets, but the consensus remains a Moderate Buy with a $37.07 target and a breakdown of 13 Buys, 1 Hold and 1 Sell.

Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report)'s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $14.06, but opened at $19.07. Viridian Therapeutics shares last traded at $17.9180, with a volume of 6,454,278 shares.

The company reported ($0.90) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.16. The business had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.04 million. Viridian Therapeutics had a negative return on equity of 83.25% and a negative net margin of 483.57%.The company's revenue was up 95.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.87) earnings per share.

Analyst Ratings Changes

Several brokerages recently weighed in on VRDN. Wall Street Zen downgraded Viridian Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, March 7th. The Goldman Sachs Group decreased their price target on Viridian Therapeutics from $36.00 to $31.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. Royal Bank Of Canada decreased their price target on Viridian Therapeutics from $42.00 to $30.00 and set an "outperform" rating for the company in a report on Tuesday, April 7th. Wells Fargo & Company decreased their price target 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 decreased their price target on Viridian Therapeutics from $37.00 to $31.00 and set an "outperform" rating for the company in a report on Wednesday, April 8th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Viridian Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.07.

Institutional Investors Weigh In On Viridian Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of VRDN. Aster Capital Management DIFC Ltd acquired a new stake in Viridian Therapeutics in the third quarter valued at $35,000. ANTIPODES PARTNERS Ltd acquired a new stake in Viridian Therapeutics in the fourth quarter valued at $36,000. Farther Finance Advisors LLC lifted its holdings in Viridian Therapeutics by 332.1% in the third quarter. Farther Finance Advisors LLC now owns 1,940 shares of the company's stock valued at $42,000 after acquiring an additional 1,491 shares during the period. Bessemer Group Inc. lifted its holdings in Viridian Therapeutics by 947.7% in the third quarter. Bessemer Group Inc. now owns 2,085 shares of the company's stock valued at $45,000 after acquiring an additional 1,886 shares during the period. Finally, Larson Financial Group LLC acquired a new stake in Viridian Therapeutics in the third quarter valued at $52,000.

Viridian Therapeutics Trading Up 30.3%

The company has a quick ratio of 12.65, a current ratio of 12.65 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $22.20 and a 200 day simple moving average of $27.05. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -5.58 and a beta of 0.82.

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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