Viridian Therapeutics (NASDAQ:VRDN) Trading Up 8.4% - Here's Why

Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report) shot up 8.4% during mid-day trading on Wednesday . The stock traded as high as $17.39 and last traded at $17.40. 371,403 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 1,151,021 shares. The stock had previously closed at $16.05.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VRDN. Royal Bank Of Canada reduced their price objective on Viridian Therapeutics from $46.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. JMP Securities reduced their price objective on Viridian Therapeutics from $42.00 to $38.00 and set a "market outperform" rating on the stock in a research note on Wednesday, May 7th. HC Wainwright reiterated a "buy" rating and issued a $34.00 price objective on shares of Viridian Therapeutics in a research note on Wednesday, April 23rd. The Goldman Sachs Group cut their price target on Viridian Therapeutics from $31.00 to $27.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Needham & Company LLC restated a "buy" rating and issued a $36.00 price target on shares of Viridian Therapeutics in a research note on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.56.

Viridian Therapeutics Stock Performance

The company has a quick ratio of 19.49, a current ratio of 19.49 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average of $14.31 and a 200-day moving average of $15.48. The stock has a market cap of $1.39 billion, a PE ratio of -4.43 and a beta of 0.39.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.87) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.95) by $0.08. Viridian Therapeutics had a negative return on equity of 70.61% and a negative net margin of 102,092.39%. The firm had revenue of $0.07 million for the quarter, compared to analyst estimates of $0.16 million. The company's quarterly revenue was up .0% on a year-over-year basis. On average, equities analysts forecast that Viridian Therapeutics, Inc. will post -4.03 EPS for the current year.

Institutional Investors Weigh In On Viridian Therapeutics

A number of institutional investors have recently added to or reduced their stakes in VRDN. Amalgamated Bank lifted 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 acquiring an additional 840 shares during the period. Foresite Capital Management VI LLC acquired a new stake in shares of Viridian Therapeutics during the 4th quarter valued at approximately $38,000. AlphaQuest LLC lifted its position in shares of Viridian Therapeutics by 119.0% during the 4th quarter. AlphaQuest LLC now owns 2,795 shares of the company's stock valued at $54,000 after acquiring an additional 1,519 shares during the period. GAMMA Investing LLC raised 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 worth $114,000 after purchasing an additional 8,214 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised 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 worth $147,000 after purchasing an additional 1,516 shares during the last quarter.

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.