Lord Abbett & CO. LLC Invests $8.92 Million in Viridian Therapeutics, Inc. (NASDAQ:VRDN)

Lord Abbett & CO. LLC bought a new stake in shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 391,958 shares of the company’s stock, valued at approximately $8,917,000.

Other large investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System increased its holdings in shares of Viridian Therapeutics by 14.7% in the second quarter. Arizona State Retirement System now owns 13,178 shares of the company’s stock valued at $171,000 after buying an additional 1,688 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Viridian Therapeutics by 17.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,997 shares of the company’s stock worth $318,000 after purchasing an additional 2,036 shares during the period. AlphaCentric Advisors LLC lifted its holdings in shares of Viridian Therapeutics by 20.0% during the third quarter. AlphaCentric Advisors LLC now owns 15,000 shares of the company’s stock valued at $341,000 after purchasing an additional 2,500 shares during the last quarter. DCF Advisers LLC lifted its holdings in shares of Viridian Therapeutics by 22.4% during the second quarter. DCF Advisers LLC now owns 17,750 shares of the company’s stock valued at $231,000 after purchasing an additional 3,250 shares during the last quarter. Finally, Quest Partners LLC boosted its position in shares of Viridian Therapeutics by 344.0% in the 2nd quarter. Quest Partners LLC now owns 6,056 shares of the company’s stock valued at $79,000 after purchasing an additional 4,692 shares during the period.

Viridian Therapeutics Price Performance

Shares of VRDN opened at $21.54 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 18.55 and a current ratio of 18.55. The firm has a market cap of $1.71 billion, a PE ratio of -5.00 and a beta of 1.04. The firm’s 50 day moving average price is $22.00 and its 200 day moving average price is $17.99. Viridian Therapeutics, Inc. has a twelve month low of $11.40 and a twelve month high of $27.20.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.04). Viridian Therapeutics had a negative return on equity of 70.12% and a negative net margin of 85,127.16%. The company had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.08 million. As a group, research analysts expect that Viridian Therapeutics, Inc. will post -4.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VRDN. HC Wainwright restated a “buy” rating and set a $34.00 price objective on shares of Viridian Therapeutics in a report on Monday. TD Cowen started coverage on shares of Viridian Therapeutics in a report on Monday, November 25th. They set a “buy” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $44.00 price objective on shares of Viridian Therapeutics in a research note on Thursday, December 5th. Needham & Company LLC reissued a “buy” rating and set a $38.00 target price on shares of Viridian Therapeutics in a research note on Monday, November 25th. Finally, BTIG Research increased their target price on Viridian Therapeutics from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.33.

Insiders Place Their Bets

In other Viridian Therapeutics news, COO Thomas W. Beetham purchased 5,000 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were purchased at an average price of $23.41 per share, for a total transaction of $117,050.00. Following the completion of the purchase, the chief operating officer now directly owns 6,000 shares of the company’s stock, valued at approximately $140,460. This represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Stephen F. Mahoney purchased 21,400 shares of the stock in a transaction on Friday, September 27th. The stock was acquired at an average cost of $23.33 per share, for a total transaction of $499,262.00. Following the acquisition, the chief executive officer now directly owns 21,400 shares in the company, valued at approximately $499,262. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.65% of the company’s stock.

About Viridian Therapeutics

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.