Viridian Therapeutics (NASDAQ:VRDN) Trading Down 5% – Here’s Why

Viridian Therapeutics, Inc. (NASDAQ:VRDN)’s share price dropped 5% during mid-day trading on Wednesday . The stock traded as low as $17.07 and last traded at $16.96. Approximately 130,343 shares were traded during trading, a decline of 89% from the average daily volume of 1,151,976 shares. The stock had previously closed at $17.86.

Wall Street Analysts Forecast Growth

VRDN has been the subject of a number of analyst reports. TD Cowen initiated coverage on shares of Viridian Therapeutics in a research report on Monday, November 25th. They issued a “buy” rating for the company. HC Wainwright reissued a “buy” rating and issued a $34.00 price target on shares of Viridian Therapeutics in a report on Monday, December 16th. Wells Fargo & Company restated an “equal weight” rating and set a $27.00 price target (down previously from $37.00) on shares of Viridian Therapeutics in a report on Thursday, December 19th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 target price on shares of Viridian Therapeutics in a research report on Tuesday, January 7th. Finally, Royal Bank of Canada upped their target price on shares of Viridian Therapeutics from $44.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Viridian Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $35.70.

Viridian Therapeutics Trading Down 5.0 %

The firm’s fifty day moving average price is $19.04 and its two-hundred day moving average price is $19.64. The company has a debt-to-equity ratio of 0.04, a current ratio of 18.55 and a quick ratio of 18.55. The stock has a market cap of $1.34 billion, a P/E ratio of -3.94 and a beta of 1.32.

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

Hedge Funds Weigh In On Viridian Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. R Squared Ltd purchased a new position in Viridian Therapeutics during the fourth quarter valued at $26,000. AlphaQuest LLC raised its holdings in Viridian Therapeutics by 119.0% in the 4th quarter. AlphaQuest LLC now owns 2,795 shares of the company’s stock worth $54,000 after acquiring an additional 1,519 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Viridian Therapeutics in the third quarter worth $149,000. Quantbot Technologies LP purchased a new stake in shares of Viridian Therapeutics during the 4th quarter valued at about $164,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Viridian Therapeutics during the 3rd quarter worth $208,000.

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.