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

Viridian Therapeutics, Inc. (NASDAQ:VRDN) fell 6.7% during trading on Wednesday . The stock 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

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

Viridian Therapeutics Price Performance

The company has a market capitalization of $817.86 million, a price-to-earnings ratio of -2.32 and a beta of 0.81. The company has a current ratio of 18.55, a quick ratio of 18.55 and a debt-to-equity ratio of 0.04. The company’s 50 day simple moving average is $15.71 and its 200-day simple moving average is $19.19.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.24. The business had revenue of $0.07 million for the quarter, compared to analysts’ expectations of $0.05 million. Viridian Therapeutics had a negative return on equity of 70.12% and a negative net margin of 85,127.16%. On average, equities research analysts predict that Viridian Therapeutics, Inc. will post -4.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Viridian Therapeutics by 29.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 89,496 shares of the company’s stock worth $2,036,000 after purchasing an additional 20,166 shares during the period. Point72 Asset Management L.P. purchased a new stake in Viridian Therapeutics during the 3rd quarter worth $788,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Viridian Therapeutics in the third quarter worth about $660,000. Barclays PLC increased its stake in shares of Viridian Therapeutics by 113.1% in the third quarter. Barclays PLC now owns 125,397 shares of the company’s stock worth $2,851,000 after buying an additional 66,550 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Viridian Therapeutics by 5.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,493,311 shares of the company’s stock worth $33,979,000 after purchasing an additional 81,951 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-003, a next generation IGF-1R humanized monoclonal antibodies targeting IGF-1R and incorporating half-life extension technology for the treatment of TED.