Viridian Therapeutics (NASDAQ:VRDN) Shares Up 5.8% – Here’s Why

Viridian Therapeutics, Inc. (NASDAQ:VRDN) rose 5.8% on Tuesday . The stock traded as high as $21.33 and last traded at $21.23. Approximately 571,464 shares were traded during trading, a decline of 60% from the average daily volume of 1,425,859 shares. The stock had previously closed at $20.07.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on VRDN shares. BTIG Research raised their price target on Viridian Therapeutics from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. TD Cowen assumed coverage on Viridian Therapeutics in a research note on Monday, November 25th. They set a “buy” rating for the company. Royal Bank of Canada increased their price objective on shares of Viridian Therapeutics from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. HC Wainwright reaffirmed a “buy” rating and set a $34.00 target price on shares of Viridian Therapeutics in a report on Monday, December 16th. Finally, Needham & Company LLC reissued a “buy” rating and set a $38.00 price objective on shares of Viridian Therapeutics in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.70.

Viridian Therapeutics Stock Performance

The company has a current ratio of 18.55, a quick ratio of 18.55 and a debt-to-equity ratio of 0.04. The firm has a market cap of $1.67 billion, a PE ratio of -4.88 and a beta of 1.13. The firm’s 50 day simple moving average is $20.77 and its 200 day simple moving average is $18.75.

Viridian Therapeutics (NASDAQ:VRDN) last posted its earnings results on Tuesday, November 12th. The company reported ($1.15) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.04). Viridian Therapeutics had a negative net margin of 85,127.16% and a negative return on equity of 70.12%. The firm had revenue of $0.09 million for the quarter, compared to the consensus estimate of $0.08 million. On average, research analysts forecast that Viridian Therapeutics, Inc. will post -4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Arizona State Retirement System raised its position in Viridian Therapeutics by 14.7% in the 2nd quarter. Arizona State Retirement System now owns 13,178 shares of the company’s stock worth $171,000 after purchasing an additional 1,688 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Viridian Therapeutics by 17.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,997 shares of the company’s stock worth $318,000 after purchasing an additional 2,036 shares during the period. AlphaCentric Advisors LLC lifted its position in shares of Viridian Therapeutics by 20.0% during the third quarter. AlphaCentric Advisors LLC now owns 15,000 shares of the company’s stock worth $341,000 after purchasing an additional 2,500 shares during the last quarter. DCF Advisers LLC boosted its stake in shares of Viridian Therapeutics by 22.4% during the second quarter. DCF Advisers LLC now owns 17,750 shares of the company’s stock valued at $231,000 after purchasing an additional 3,250 shares during the period. Finally, Quest Partners LLC grew its holdings in shares of Viridian Therapeutics by 344.0% in the second quarter. Quest Partners LLC now owns 6,056 shares of the company’s stock worth $79,000 after purchasing an additional 4,692 shares during the last quarter.

Viridian Therapeutics Company Profile

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.