Viridian Therapeutics (NASDAQ:VRDN) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Viridian Therapeutics (NASDAQ:VRDN) posted its quarterly earnings results on Thursday. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02), Zacks reports. Viridian Therapeutics had a negative net margin of 505.86% and a negative return on equity of 76.65%. The company had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million.

Viridian Therapeutics Price Performance

Viridian Therapeutics stock opened at $23.59 on Friday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -7.00 and a beta of 0.91. The company has a current ratio of 15.15, a quick ratio of 15.15 and a debt-to-equity ratio of 0.10. Viridian Therapeutics has a 12 month low of $13.18 and a 12 month high of $34.29. The stock’s 50 day moving average is $18.38 and its 200-day moving average is $21.67.

Insiders Place Their Bets

In other news, Director Fairmount Funds Management Llc purchased 1,176,470 shares of Viridian Therapeutics stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $19,999,990.00. Following the purchase, the director directly owned 5,090,928 shares of the company’s stock, valued at $86,545,776. This trade represents a 30.05% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Viridian Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new position in Viridian Therapeutics during the fourth quarter worth about $531,000. Invesco Ltd. boosted its holdings in Viridian Therapeutics by 127.1% in the 4th quarter. Invesco Ltd. now owns 183,468 shares of the company’s stock valued at $5,710,000 after purchasing an additional 102,676 shares during the period. XTX Topco Ltd bought a new stake in Viridian Therapeutics in the 4th quarter valued at about $1,464,000. Virtus Investment Advisers LLC grew its position in shares of Viridian Therapeutics by 13.4% during the 4th quarter. Virtus Investment Advisers LLC now owns 8,233 shares of the company’s stock worth $256,000 after purchasing an additional 971 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Viridian Therapeutics by 75.6% during the 4th quarter. Wellington Management Group LLP now owns 1,971,411 shares of the company’s stock worth $61,350,000 after purchasing an additional 848,879 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Evercore set a $26.00 target price on shares of Viridian Therapeutics in a report on Friday, May 15th. Wall Street Zen downgraded Viridian Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. The Goldman Sachs Group restated a “buy” rating and issued a $39.00 price objective on shares of Viridian Therapeutics in a research note on Tuesday, June 30th. Truist Financial raised their price objective on Viridian Therapeutics from $38.00 to $39.00 and gave the company a “buy” rating in a research report on Friday. Finally, Weiss Ratings downgraded Viridian Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 30th. Thirteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.93.

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.