Viridian Therapeutics (NASDAQ:VRDN) Shares Gap Up on Strong Earnings

Viridian Therapeutics, Inc. (NASDAQ:VRDN) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $14.06, but opened at $19.07. Viridian Therapeutics shares last traded at $17.9180, with a volume of 6,454,278 shares.

The company reported ($0.90) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.16. Viridian Therapeutics had a negative return on equity of 83.25% and a negative net margin of 483.57%.The company had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.04 million. During the same quarter last year, the company earned ($0.87) earnings per share. Viridian Therapeutics’s quarterly revenue was up 95.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on VRDN shares. Wall Street Zen downgraded Viridian Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Wells Fargo & Company cut their price target on Viridian Therapeutics from $29.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. Wedbush cut their price target on Viridian Therapeutics from $37.00 to $31.00 and set an “outperform” rating for the company in a research note on Wednesday, April 8th. UBS Group started coverage on Viridian Therapeutics in a research note on Wednesday, January 7th. They set a “buy” rating and a $50.00 price target for the company. Finally, HC Wainwright cut their price target on Viridian Therapeutics from $34.00 to $22.00 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.07.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd acquired a new position in shares of Viridian Therapeutics during the 4th quarter worth $36,000. Aster Capital Management DIFC Ltd purchased a new stake in Viridian Therapeutics during the 3rd quarter worth about $35,000. Farther Finance Advisors LLC increased its position in Viridian Therapeutics by 332.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,940 shares of the company’s stock worth $42,000 after purchasing an additional 1,491 shares in the last quarter. Bessemer Group Inc. increased its position in Viridian Therapeutics by 947.7% during the 3rd quarter. Bessemer Group Inc. now owns 2,085 shares of the company’s stock worth $45,000 after purchasing an additional 1,886 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new stake in Viridian Therapeutics during the 3rd quarter worth about $52,000.

Viridian Therapeutics Trading Up 30.3%

The stock has a market cap of $1.89 billion, a PE ratio of -5.58 and a beta of 0.82. The business has a 50-day moving average of $22.20 and a 200 day moving average of $27.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 12.65 and a current ratio of 12.65.

About Viridian Therapeutics

Viridian Therapeutics, Inc (NASDAQ: VRDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted antibody therapeutics for patients suffering from rare and serious diseases. The company’s lead program, VRDN-001, is a fully human monoclonal antibody that antagonizes the insulin-like growth factor-1 receptor (IGF-1R), with an initial focus on thyroid eye disease (TED). By selectively inhibiting IGF-1R signaling, VRDN-001 aims to reduce inflammation and tissue remodeling associated with TED and related disorders.

In addition to VRDN-001, Viridian is advancing a second antibody program, VRDN-002, which targets complement-mediated pathways implicated in autoimmune and inflammatory diseases.