Needham & Company LLC Reaffirms “Buy” Rating for Viridian Therapeutics (NASDAQ:VRDN)

by · The Markets Daily

Needham & Company LLC reiterated their buy rating on shares of Viridian Therapeutics (NASDAQ:VRDN – Free Report) in a research report released on Monday morning,Benzinga reports. They currently have a $38.00 price objective on the stock.

Other equities research analysts have also issued reports about the company. TD Cowen started coverage on Viridian Therapeutics in a research note on Monday. They set a “buy” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $44.00 price target on shares of Viridian Therapeutics in a research report on Thursday, September 19th. BTIG Research boosted their price objective on Viridian Therapeutics from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Oppenheimer reiterated an “outperform” rating and issued a $28.00 target price (down from $31.00) on shares of Viridian Therapeutics in a report on Monday, August 12th. Finally, Wedbush reissued an “outperform” rating and issued a $42.00 target price on shares of Viridian Therapeutics in a research report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.33.

View Our Latest Report on VRDN

Viridian Therapeutics Stock Down 0.2 %

VRDN stock opened at $21.87 on Monday. The firm’s 50-day moving average is $22.75 and its two-hundred day moving average is $17.33. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -5.07 and a beta of 1.10. Viridian Therapeutics has a 52 week low of $11.40 and a 52 week high of $27.20. The company has a current ratio of 18.55, a quick ratio of 18.55 and a debt-to-equity ratio of 0.04.

Viridian Therapeutics (NASDAQ:VRDN – Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($1.15) 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 firm had revenue of $0.09 million for the quarter, compared to the consensus estimate of $0.08 million. On average, analysts forecast that Viridian Therapeutics will post -4.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Thomas W. Beetham acquired 5,000 shares of Viridian Therapeutics stock in a transaction dated Friday, September 27th. The stock was acquired at an average cost of $23.41 per share, for a total transaction of $117,050.00. Following the completion of the purchase, the chief operating officer now owns 6,000 shares of the company’s stock, valued at $140,460. This represents a 500.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Fairmount Funds Management Llc bought 1,600,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $18.75 per share, for a total transaction of $30,000,000.00. Following the completion of the purchase, the director now directly owns 3,445,813 shares in the company, valued at $64,608,993.75. The trade was a 86.68 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 1,626,400 shares of company stock valued at $30,616,312 over the last three months. 0.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Viridian Therapeutics

Several hedge funds have recently modified their holdings of the business. Quest Partners LLC lifted its stake in shares of Viridian Therapeutics by 344.0% in the second quarter. Quest Partners LLC now owns 6,056 shares of the company’s stock valued at $79,000 after buying an additional 4,692 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Viridian Therapeutics in the 3rd quarter worth approximately $149,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Viridian Therapeutics during the 3rd quarter worth approximately $208,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Viridian Therapeutics by 24.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,961 shares of the company’s stock valued at $156,000 after purchasing an additional 2,359 shares during the period. Finally, AlphaCentric Advisors LLC raised its stake in shares of Viridian Therapeutics by 108.3% in the second quarter. AlphaCentric Advisors LLC now owns 12,500 shares of the company’s stock valued at $163,000 after purchasing an additional 6,500 shares in the last quarter.

About Viridian Therapeutics

(Get Free Report)

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.

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