Wedbush Reaffirms Outperform Rating for Viridian Therapeutics (NASDAQ:VRDN)

Key Points

• Wedbush reissued an Outperform rating on Viridian Therapeutics (NASDAQ:VRDN) with a $44 price target, implying roughly a 50.7% upside from the current price.
• Across analysts the consensus is a Moderate Buy (13 Buys, 1 Hold, 1 Sell) with an average price target of $42.21, though individual targets and views range widely (roughly $26–$50).
• Viridian reported a weak quarter—EPS of ($1.08) missed estimates and revenue was only $0.13M versus much higher expectations—yet several large institutional investors (Vanguard, State Street, Price T. Rowe, Perceptive) materially increased their positions.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report)'s stock had its "outperform" rating restated by Wedbush in a note issued to investors on Wednesday,Benzinga reports. They currently have a $44.00 price target on the stock. Wedbush's price target points to a potential upside of 50.74% from the company's current price.

Several other research firms have also recently weighed in on VRDN. UBS Group started coverage on shares of Viridian Therapeutics in a research report on Wednesday, January 7th. They set a "buy" rating and a $50.00 price objective for the company. Royal Bank Of Canada cut their price target on shares of Viridian Therapeutics from $45.00 to $42.00 and set an "outperform" rating on the stock in a research report on Friday, February 27th. Wells Fargo & Company increased their price target on Viridian Therapeutics from $26.00 to $29.00 and gave the stock an "equal weight" rating in a report on Tuesday, February 3rd. Wall Street Zen downgraded Viridian Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Viridian Therapeutics in a research report on Wednesday, January 21st. Thirteen equities research 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. According to MarketBeat.com, Viridian Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $42.21.

Viridian Therapeutics Price Performance

Viridian Therapeutics stock opened at $29.19 on Wednesday. The stock's 50 day moving average is $30.65 and its 200 day moving average is $27.06. Viridian Therapeutics has a one year low of $9.90 and a one year high of $34.29. The firm has a market cap of $2.98 billion, a P/E ratio of -8.87 and a beta of 1.00. The company has a debt-to-equity ratio of 0.08, a current ratio of 12.65 and a quick ratio of 12.65.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last released its 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). Viridian Therapeutics had a negative net margin of 483.57% and a negative return on equity of 83.25%. The firm had revenue of $0.13 million for the quarter, compared to analyst estimates of $15.75 million. As a group, research analysts expect that Viridian Therapeutics will post -4.03 EPS for the current year.

Insider Activity at Viridian Therapeutics

In related news, insider Jennifer Tousignant sold 2,272 shares of the business's stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $31.16, for a total value of $70,795.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Viridian Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Viridian Therapeutics by 29.6% during the fourth quarter. Vanguard Group Inc. now owns 5,612,144 shares of the company's stock worth $174,650,000 after purchasing an additional 1,280,161 shares during the period. Commodore Capital LP increased its stake in Viridian Therapeutics by 35.4% during the 2nd quarter. Commodore Capital LP now owns 4,875,000 shares of the company's stock valued at $68,152,000 after purchasing an additional 1,275,000 shares in the last quarter. State Street Corp raised its holdings in Viridian Therapeutics by 35.7% during the fourth quarter. State Street Corp now owns 3,466,560 shares of the company's stock worth $107,879,000 after buying an additional 912,394 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Viridian Therapeutics by 42.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,439,414 shares of the company's stock valued at $107,036,000 after buying an additional 1,021,310 shares in the last quarter. Finally, Perceptive Advisors LLC lifted its stake in shares of Viridian Therapeutics by 108.1% in the fourth quarter. Perceptive Advisors LLC now owns 3,042,703 shares of the company's stock valued at $94,689,000 after buying an additional 1,580,303 shares in 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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