Viridian Therapeutics (NASDAQ:VRDN) Stock Price Down 6.7% – Here’s Why

Viridian Therapeutics, Inc. (NASDAQ:VRDN)’s share price dropped 6.7% during mid-day trading on Wednesday . The company traded as low as $10.33 and last traded at $10.28. Approximately 65,546 shares traded hands during trading, a decline of 94% from the average daily volume of 1,180,984 shares. The stock had previously closed at $11.02.

Analyst Ratings Changes

A number of research firms have recently weighed in on VRDN. HC Wainwright restated a “buy” rating and issued a $34.00 target price on shares of Viridian Therapeutics in a report on Monday, December 16th. Royal Bank of Canada boosted their price objective on Viridian Therapeutics from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $27.00 price objective (down from $37.00) on shares of Viridian Therapeutics in a research note on Thursday, December 19th. Finally, Needham & Company LLC reissued a “buy” rating and set a $38.00 target price on shares of Viridian Therapeutics in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Viridian Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $35.70.

Viridian Therapeutics Price Performance

The company has a quick ratio of 18.55, a current ratio of 18.55 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $817.86 million, a PE ratio of -2.32 and a beta of 0.81. The stock has a 50-day moving average price of $15.71 and a 200 day moving average price of $19.19.

Viridian Therapeutics (NASDAQ:VRDN) last released its earnings results on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.24. Viridian Therapeutics had a negative net margin of 85,127.16% and a negative return on equity of 70.12%. The business had revenue of $0.07 million during the quarter, compared to analysts’ expectations of $0.05 million. Equities analysts forecast that Viridian Therapeutics, Inc. will post -4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VRDN. Rhumbline Advisers raised its position in shares of Viridian Therapeutics by 4.6% in the first quarter. Rhumbline Advisers now owns 104,559 shares of the company’s stock valued at $1,409,000 after buying an additional 4,621 shares during the last quarter. GAMMA Investing LLC grew its stake in Viridian Therapeutics by 3,892.9% during the 1st quarter. GAMMA Investing LLC now owns 8,425 shares of the company’s stock valued at $114,000 after acquiring an additional 8,214 shares in the last quarter. California State Teachers Retirement System raised its holdings in Viridian Therapeutics by 18.0% in the 4th quarter. California State Teachers Retirement System now owns 54,710 shares of the company’s stock valued at $1,049,000 after acquiring an additional 8,344 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Viridian Therapeutics by 29.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 115,782 shares of the company’s stock worth $2,220,000 after purchasing an additional 26,286 shares in the last quarter. Finally, Tang Capital Management LLC lifted its stake in Viridian Therapeutics by 11.1% in the 4th quarter. Tang Capital Management LLC now owns 2,492,925 shares of the company’s stock worth $47,789,000 after purchasing an additional 250,000 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.