Viridian Therapeutics (NASDAQ:VRDN) Shares Down 5.1%

Viridian Therapeutics, Inc. (NASDAQ:VRDN) dropped 5.1% during trading on Wednesday . The company traded as low as $16.78 and last traded at $16.85. Approximately 67,435 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 645,442 shares. The stock had previously closed at $17.75.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $44.00 price objective on shares of Viridian Therapeutics in a research report on Wednesday, August 9th. Needham & Company LLC decreased their price objective on shares of Viridian Therapeutics from $47.00 to $40.00 and set a “buy” rating on the stock in a research note on Thursday, August 10th. BTIG Research began coverage on Viridian Therapeutics in a research note on Wednesday, June 14th. They set a “buy” rating and a $46.00 target price for the company. Wedbush reiterated an “outperform” rating and issued a $46.00 price target on shares of Viridian Therapeutics in a research note on Wednesday. Finally, Oppenheimer lowered their price target on Viridian Therapeutics from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $43.21.

Viridian Therapeutics Stock Performance

The firm has a market capitalization of $732.78 million, a P/E ratio of -3.43 and a beta of 0.91. The company has a 50-day moving average of $19.71 and a 200-day moving average of $24.08. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 0.03.

Viridian Therapeutics (NASDAQ:VRDN) last issued its quarterly earnings data on Tuesday, August 8th. The company reported ($1.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.26) by ($0.01). The company had revenue of $0.07 million for the quarter, compared to the consensus estimate of $0.25 million. Viridian Therapeutics had a negative return on equity of 86.39% and a negative net margin of 13,462.86%. Viridian Therapeutics’s revenue was down 71.9% compared to the same quarter last year. During the same quarter last year, the business earned ($1.06) earnings per share. On average, equities analysts anticipate that Viridian Therapeutics, Inc. will post -5.31 earnings per share for the current fiscal year.

Insider Transactions at Viridian Therapeutics

In other news, insider Lara Meisner sold 2,269 shares of the stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $28.02, for a total transaction of $63,577.38. Following the completion of the sale, the insider now directly owns 29,971 shares in the company, valued at $839,787.42. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.43% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Perceptive Advisors LLC raised its position in shares of Viridian Therapeutics by 2.3% during the second quarter. Perceptive Advisors LLC now owns 1,776,386 shares of the company’s stock worth $42,260,000 after purchasing an additional 40,000 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Viridian Therapeutics by 26.5% in the second quarter. Alliancebernstein L.P. now owns 1,574,302 shares of the company’s stock valued at $37,453,000 after buying an additional 330,152 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Viridian Therapeutics by 49.9% during the second quarter. Wells Fargo & Company MN now owns 68,887 shares of the company’s stock valued at $1,639,000 after buying an additional 22,929 shares during the last quarter. Woodline Partners LP increased its position in shares of Viridian Therapeutics by 40.7% during the second quarter. Woodline Partners LP now owns 168,060 shares of the company’s stock worth $3,998,000 after acquiring an additional 48,611 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Viridian Therapeutics by 48.8% in the 2nd quarter. Royal Bank of Canada now owns 3,199 shares of the company’s stock worth $76,000 after acquiring an additional 1,049 shares during 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-002 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.