Needham & Company LLC Issues Positive Forecast for Viridian Therapeutics (NASDAQ:VRDN) Stock Price

Viridian Therapeutics (NASDAQ:VRDN) had its price target upped by investment analysts at Needham & Company LLC from $34.00 to $42.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 29.35% from the company’s previous close.

VRDN has been the subject of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Viridian Therapeutics in a research note on Wednesday, October 8th. Truist Financial set a $41.00 price target on shares of Viridian Therapeutics in a research report on Monday, November 24th. Oppenheimer lifted their price objective on shares of Viridian Therapeutics from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group reiterated a “buy” rating and set a $40.00 price objective on shares of Viridian Therapeutics in a research note on Thursday, November 6th. Finally, William Blair assumed coverage on shares of Viridian Therapeutics in a research note on Wednesday, December 3rd. They issued an “outperform” rating for the company. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Viridian Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $41.75.

Viridian Therapeutics Price Performance

Shares of VRDN opened at $32.47 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 11.28 and a current ratio of 11.28. The company has a 50 day moving average price of $28.11 and a 200-day moving average price of $21.41. Viridian Therapeutics has a fifty-two week low of $9.90 and a fifty-two week high of $34.04. The stock has a market capitalization of $3.10 billion, a PE ratio of -10.75 and a beta of 0.86.

Viridian Therapeutics (NASDAQ:VRDN) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.48. The company had revenue of $70.57 million during the quarter, compared to the consensus estimate of $16.21 million. Viridian Therapeutics had a negative net margin of 426.58% and a negative return on equity of 78.50%. The business’s revenue for the quarter was up 81993.0% compared to the same quarter last year. Equities analysts predict that Viridian Therapeutics will post -4.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Fairmount Funds Management Llc bought 454,545 shares of the company’s stock in a transaction on Thursday, October 23rd. The shares were bought at an average price of $22.00 per share, with a total value of $9,999,990.00. Following the transaction, the director owned 3,914,458 shares in the company, valued at approximately $86,118,076. This trade represents a 13.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On Viridian Therapeutics

A number of large investors have recently made changes to their positions in the stock. Hudson Bay Capital Management LP grew its holdings in shares of Viridian Therapeutics by 46.6% during the third quarter. Hudson Bay Capital Management LP now owns 175,251 shares of the company’s stock valued at $3,782,000 after buying an additional 55,689 shares during the last quarter. Millennium Management LLC lifted its position in Viridian Therapeutics by 129.3% during the 3rd quarter. Millennium Management LLC now owns 136,280 shares of the company’s stock worth $2,941,000 after acquiring an additional 76,844 shares during the period. Larson Financial Group LLC purchased a new stake in Viridian Therapeutics during the 3rd quarter valued at about $52,000. Bank of America Corp DE increased its holdings in shares of Viridian Therapeutics by 6.5% in the third quarter. Bank of America Corp DE now owns 245,759 shares of the company’s stock valued at $5,303,000 after purchasing an additional 14,915 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Viridian Therapeutics by 314.9% in the third quarter. Wellington Management Group LLP now owns 1,122,532 shares of the company’s stock worth $24,224,000 after purchasing an additional 851,989 shares during the last quarter.

About Viridian Therapeutics

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.