Royal Bank Of Canada Forecasts Strong Price Appreciation for Viridian Therapeutics (NASDAQ:VRDN) Stock

Viridian Therapeutics (NASDAQ:VRDN) had its price objective upped by equities research analysts at Royal Bank Of Canada from $41.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 62.40% from the company’s previous close.

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

Viridian Therapeutics Trading Up 13.5%

VRDN traded up $3.29 during trading on Thursday, hitting $27.71. The company’s stock had a trading volume of 2,516,264 shares, compared to its average volume of 951,516. The firm’s 50 day moving average price is $20.94 and its 200-day moving average price is $17.34. The company has a debt-to-equity ratio of 0.04, a current ratio of 11.01 and a quick ratio of 11.01. The stock has a market cap of $2.26 billion, a PE ratio of -7.24 and a beta of 0.49. Viridian Therapeutics has a twelve month low of $9.90 and a twelve month high of $28.59.

Viridian Therapeutics (NASDAQ:VRDN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.82) by $0.48. The company had revenue of $0.07 million during the quarter, compared to the consensus estimate of $16.21 million. Viridian Therapeutics had a negative return on equity of 78.95% and a negative net margin of 112,806.88%.Viridian Therapeutics’s revenue for the quarter was up 81993.0% compared to the same quarter last year. On average, analysts expect that Viridian Therapeutics will post -4.03 earnings per share for the current year.

Insider Activity

In related news, Director Fairmount Funds Management Llc acquired 454,545 shares of the company’s stock in a transaction dated Thursday, October 23rd. The shares were bought at an average price of $22.00 per share, for a total transaction of $9,999,990.00. Following the acquisition, the director owned 3,914,458 shares in the company, valued at $86,118,076. This trade represents a 13.14% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.58% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in VRDN. Commodore Capital LP grew its stake in Viridian Therapeutics by 35.4% during the second quarter. Commodore Capital LP now owns 4,875,000 shares of the company’s stock worth $68,152,000 after buying an additional 1,275,000 shares during the last quarter. Maverick Capital Ltd. grew its position in Viridian Therapeutics by 9.5% in the second quarter. Maverick Capital Ltd. now owns 2,257,010 shares of the company’s stock valued at $31,553,000 after purchasing an additional 195,736 shares in the last quarter. Paradigm Biocapital Advisors LP raised its stake in Viridian Therapeutics by 15.1% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,095,079 shares of the company’s stock worth $28,242,000 after purchasing an additional 275,000 shares in the last quarter. Geode Capital Management LLC raised its stake in Viridian Therapeutics by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,740,614 shares of the company’s stock worth $24,337,000 after purchasing an additional 20,089 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Viridian Therapeutics by 33.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,231,092 shares of the company’s stock worth $16,595,000 after purchasing an additional 310,998 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.