Viridian Therapeutics (NASDAQ:VRDN) Trading Down 5.8% – Here’s What Happened

Viridian Therapeutics, Inc. (NASDAQ:VRDN) shares fell 5.8% on Wednesday . The company traded as low as $18.63 and last traded at $18.70. 1,260,835 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 1,203,962 shares. The stock had previously closed at $19.85.

Wall Street Analyst Weigh In

VRDN has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and set a $34.00 price target on shares of Viridian Therapeutics in a research report on Monday, December 16th. TD Cowen began coverage on Viridian Therapeutics in a report on Monday, November 25th. They set a “buy” rating on the stock. Wells Fargo & Company reissued an “equal weight” rating and issued a $27.00 price target (down from $37.00) on shares of Viridian Therapeutics in a report on Thursday, December 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Viridian Therapeutics in a research note on Tuesday, January 7th. Finally, Royal Bank of Canada increased their target price on shares of Viridian Therapeutics from $44.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $35.70.

Viridian Therapeutics Trading Down 4.1 %

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 $1.41 billion, a PE ratio of -4.12 and a beta of 1.32. The company’s 50-day moving average is $19.14 and its 200 day moving average is $19.57.

Viridian Therapeutics (NASDAQ:VRDN) last issued its earnings results on Tuesday, November 12th. The company reported ($1.15) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.04). The business had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.08 million. Viridian Therapeutics had a negative return on equity of 70.12% and a negative net margin of 85,127.16%. As a group, sell-side analysts predict 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 modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in Viridian Therapeutics by 968.3% in the second quarter. Dimensional Fund Advisors LP now owns 107,580 shares of the company’s stock worth $1,400,000 after buying an additional 97,510 shares during the last quarter. Millennium Management LLC grew its position in Viridian Therapeutics by 1,014.7% in the second quarter. Millennium Management LLC now owns 228,182 shares of the company’s stock worth $2,969,000 after acquiring an additional 207,711 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Viridian Therapeutics by 30.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,687 shares of the company’s stock worth $412,000 after purchasing an additional 7,450 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Viridian Therapeutics in the 3rd quarter valued at $455,000. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Viridian Therapeutics by 10.4% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 197,401 shares of the company’s stock worth $4,491,000 after purchasing an additional 18,546 shares in 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.