Viridian Therapeutics (NASDAQ:VRDN) Shares Gap Up - Here's Why

Key Points

• Shares of Viridian Therapeutics gapped up to $18.31 at open, increasing from a previous close of $16.79, with a trading volume of 151,227 shares.
• Several analysts maintain a "buy" rating on Viridian Therapeutics, with target prices ranging from $27.00 to $46.00, and a consensus target price of $37.00.
• Viridian reported earnings of ($0.87) per share, exceeding the consensus estimate, but had a negative net margin of 102,092.39% and revenue fell short of expectations.

Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $16.79, but opened at $18.31. Viridian Therapeutics shares last traded at $18.29, with a volume of 151,227 shares.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VRDN. Royal Bank Of Canada lowered their price target on shares of Viridian Therapeutics from $46.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. The Goldman Sachs Group lowered their price target on shares of Viridian Therapeutics from $31.00 to $27.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $36.00 price target on shares of Viridian Therapeutics in a report on Tuesday, May 20th. 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. Finally, JMP Securities lowered their target price on shares of Viridian Therapeutics from $42.00 to $38.00 and set a "market outperform" rating on the stock in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Viridian Therapeutics Price Performance

The business's fifty day simple moving average is $15.63 and its 200-day simple moving average is $15.23. The company has a current ratio of 19.49, a quick ratio of 19.49 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.42 billion, a P/E ratio of -4.52 and a beta of 0.42.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.87) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.95) by $0.08. The business had revenue of $0.07 million for the quarter, compared to analysts' expectations of $0.16 million. Viridian Therapeutics had a negative net margin of 102,092.39% and a negative return on equity of 70.61%. The business's revenue was up .0% compared to the same quarter last year. As a group, analysts forecast that Viridian Therapeutics, Inc. will post -4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Amalgamated Bank grew its position in shares of Viridian Therapeutics by 49.7% during the 1st quarter. Amalgamated Bank now owns 2,531 shares of the company's stock valued at $34,000 after purchasing an additional 840 shares in the last quarter. Foresite Capital Management VI LLC purchased a new position in shares of Viridian Therapeutics during the 4th quarter valued at $38,000. GAMMA Investing LLC grew its position in shares of Viridian Therapeutics by 3,892.9% during the 1st quarter. GAMMA Investing LLC now owns 8,425 shares of the company's stock valued at $114,000 after purchasing an additional 8,214 shares in the last quarter. Summit Investment Advisors Inc. grew its position in shares of Viridian Therapeutics by 24.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,646 shares of the company's stock valued at $147,000 after purchasing an additional 1,516 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Viridian Therapeutics during the 2nd quarter valued at $170,000.

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.