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

Viridian Therapeutics (NASDAQ:VRDN) announced its quarterly earnings results on Thursday. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02), Zacks reports. Viridian Therapeutics had a negative return on equity of 80.19% and a negative net margin of 490.31%.The business had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million.

Viridian Therapeutics Trading Up 4.8%

Shares of VRDN traded up $1.08 during midday trading on Friday, hitting $23.59. The stock had a trading volume of 1,659,799 shares, compared to its average volume of 2,224,293. The stock’s 50 day moving average is $18.26 and its 200 day moving average is $21.65. The firm has a market cap of $2.43 billion, a PE ratio of -7.11 and a beta of 0.91. The company has a debt-to-equity ratio of 0.10, a current ratio of 15.15 and a quick ratio of 15.15. Viridian Therapeutics has a 1 year low of $13.18 and a 1 year high of $34.29.

Insider Activity at Viridian Therapeutics

In other news, Director Fairmount Funds Management Llc purchased 1,176,470 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $19,999,990.00. Following the acquisition, the director owned 5,090,928 shares of the company’s stock, valued at approximately $86,545,776. This trade represents a 30.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Viridian Therapeutics by 1.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,276 shares of the company’s stock worth $669,000 after acquiring an additional 876 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Viridian Therapeutics by 33.8% in the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Viridian Therapeutics by 12.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 130,570 shares of the company’s stock worth $1,760,000 after purchasing an additional 14,788 shares during the period. Envestnet Asset Management Inc. bought a new stake in shares of Viridian Therapeutics during the second quarter worth $187,000. Finally, Creative Planning bought a new stake in shares of Viridian Therapeutics during the second quarter worth $179,000.

Analyst Upgrades and Downgrades

VRDN has been the topic of a number of research reports. Truist Financial boosted their target price on shares of Viridian Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank Of Canada lifted their price target on Viridian Therapeutics from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday. Evercore set a $26.00 price objective on Viridian Therapeutics in a research note on Friday, May 15th. The Goldman Sachs Group restated a “buy” rating and set a $39.00 price objective on shares of Viridian Therapeutics in a research report on Tuesday, June 30th. Finally, Weiss Ratings downgraded Viridian Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 30th. Thirteen equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock 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.