Viridian Therapeutics (NASDAQ:VRDN) Issues Quarterly Earnings Results, Beats Estimates By $0.48 EPS

Viridian Therapeutics (NASDAQ:VRDN) issued its quarterly earnings results on Wednesday. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.48, Zacks reports. Viridian Therapeutics had a negative return on equity of 78.95% and a negative net margin of 112,806.88%.The company had revenue of $0.07 million during the quarter, compared to the consensus estimate of $16.21 million. Viridian Therapeutics’s revenue was up 81993.0% compared to the same quarter last year.

Viridian Therapeutics Trading Down 0.7%

Shares of NASDAQ:VRDN traded down $0.19 on Friday, reaching $27.31. 751,387 shares of the company traded hands, compared to its average volume of 963,258. The stock has a market capitalization of $2.23 billion, a P/E ratio of -7.13 and a beta of 0.72. The business’s 50-day simple moving average is $21.12 and its 200 day simple moving average is $17.41. The company has a current ratio of 11.01, a quick ratio of 11.01 and a debt-to-equity ratio of 0.04. Viridian Therapeutics has a 52 week low of $9.90 and a 52 week high of $28.60.

Insiders Place Their Bets

In related news, Director Fairmount Funds Management Llc acquired 454,545 shares of the stock in a transaction on Thursday, October 23rd. The stock was purchased at an average price of $22.00 per share, for a total transaction of $9,999,990.00. Following the completion of the transaction, the director owned 3,914,458 shares of the company’s stock, valued at $86,118,076. This trade represents a 13.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Viridian Therapeutics

Several institutional investors have recently added to or reduced their stakes in VRDN. Sei Investments Co. purchased a new position in shares of Viridian Therapeutics in the second quarter valued at about $147,000. Creative Planning purchased a new position in Viridian Therapeutics during the 2nd quarter valued at about $179,000. Envestnet Asset Management Inc. bought a new position in Viridian Therapeutics during the 2nd quarter valued at approximately $187,000. Tower Research Capital LLC TRC lifted its holdings in Viridian Therapeutics by 867.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 16,227 shares of the company’s stock worth $227,000 after buying an additional 14,549 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Viridian Therapeutics by 1.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,276 shares of the company’s stock worth $669,000 after buying an additional 876 shares during the last quarter.

Analyst Upgrades and Downgrades

VRDN has been the subject of a number of research reports. BTIG Research reiterated a “buy” rating and set a $61.00 target price on shares of Viridian Therapeutics in a research report on Tuesday. Needham & Company LLC cut their price objective on shares of Viridian Therapeutics from $36.00 to $34.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. The Goldman Sachs Group reissued a “buy” rating and set a $40.00 target price on shares of Viridian Therapeutics in a report on Thursday. Jefferies Financial Group started coverage on Viridian Therapeutics in a report on Monday, August 25th. They issued a “buy” rating and a $44.00 price target for the company. Finally, Oppenheimer lifted their price target on Viridian Therapeutics from $32.00 to $36.00 and gave the company an “outperform” rating in a research 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 given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $39.78.

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.