Viridian Therapeutics (NASDAQ:VRDN) Hits New 12-Month High – Here’s What Happened

Viridian Therapeutics, Inc. (NASDAQ:VRDN) reached a new 52-week high on Tuesday . The stock traded as high as $29.58 and last traded at $29.00, with a volume of 1653283 shares changing hands. The stock had previously closed at $28.77.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on VRDN shares. BTIG Research restated a “buy” rating and issued a $61.00 price target on shares of Viridian Therapeutics in a research report on Tuesday, November 4th. Needham & Company LLC reduced their target price on shares of Viridian Therapeutics from $36.00 to $34.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Oppenheimer lifted their price target on shares of Viridian Therapeutics from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 21st. The Goldman Sachs Group reiterated a “buy” rating and set a $40.00 price target on shares of Viridian Therapeutics in a report on Thursday, November 6th. Finally, Jefferies Financial Group initiated coverage on shares of Viridian Therapeutics in a research note on Monday, August 25th. They issued a “buy” rating and a $44.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $39.78.

Viridian Therapeutics Stock Up 0.3%

The business has a fifty day moving average of $22.79 and a 200-day moving average of $18.38. The stock has a market cap of $2.74 billion, a PE ratio of -7.49 and a beta of 0.72. The company has a debt-to-equity ratio of 0.04, a current ratio of 11.01 and a quick ratio of 11.01.

Viridian Therapeutics (NASDAQ:VRDN) last issued its earnings results on Wednesday, November 5th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.48. The business had revenue of $70.57 million during the quarter, compared to analysts’ expectations of $16.21 million. Viridian Therapeutics had a negative return on equity of 78.95% and a negative net margin of 112,806.88%.The firm’s quarterly revenue was up 81993.0% compared to the same quarter last year. Equities research analysts anticipate that Viridian Therapeutics, Inc. will post -4.03 earnings per share for the current year.

Insider Activity at Viridian Therapeutics

In other Viridian Therapeutics news, Director Fairmount Funds Management Llc purchased 454,545 shares of the stock in a transaction dated Thursday, October 23rd. The stock was purchased 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 of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in VRDN. Millennium Management LLC raised its position in shares of Viridian Therapeutics by 129.3% in 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 in the last quarter. Larson Financial Group LLC bought a new stake in shares of Viridian Therapeutics in the 3rd quarter valued at about $52,000. Bank of America Corp DE raised its stake in shares of Viridian Therapeutics by 6.5% during the 3rd quarter. Bank of America Corp DE now owns 245,759 shares of the company’s stock worth $5,303,000 after acquiring an additional 14,915 shares in the last quarter. Wellington Management Group LLP lifted its position in Viridian Therapeutics by 314.9% during the third quarter. Wellington Management Group LLP now owns 1,122,532 shares of the company’s stock valued at $24,224,000 after acquiring an additional 851,989 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Viridian Therapeutics by 10.0% in the third quarter. Sei Investments Co. now owns 11,556 shares of the company’s stock valued at $249,000 after acquiring an additional 1,046 shares in 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.