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

Lord Abbett & CO. LLC bought a new stake in Viridian Therapeutics, Inc. (NASDAQ:VRDN - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 391,958 shares of the company's stock, valued at approximately $8,917,000. Lord Abbett & CO. LLC owned approximately 0.49% of Viridian Therapeutics as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of VRDN. Arizona State Retirement System grew its position in 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 acquiring an additional 1,688 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Viridian Therapeutics by 17.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,997 shares of the company's stock valued at $318,000 after purchasing an additional 2,036 shares during the last quarter. AlphaCentric Advisors LLC grew its stake 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 worth $341,000 after buying an additional 2,500 shares during the last quarter. DCF Advisers LLC boosted its holdings in shares of Viridian Therapeutics by 22.4% during the 2nd quarter. DCF Advisers LLC now owns 17,750 shares of the company's stock valued at $231,000 after acquiring an additional 3,250 shares in the last quarter. Finally, Quest Partners LLC grew its position in Viridian Therapeutics by 344.0% during the 2nd quarter. Quest Partners LLC now owns 6,056 shares of the company's stock worth $79,000 after acquiring an additional 4,692 shares during the last quarter.

Viridian Therapeutics Stock Performance

VRDN stock traded down $0.72 during midday trading on Tuesday, hitting $20.82. The company's stock had a trading volume of 2,078,620 shares, compared to its average volume of 1,150,365. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -4.83 and a beta of 1.04. The company has a quick ratio of 18.55, a current ratio of 18.55 and a debt-to-equity ratio of 0.04. The stock's 50-day moving average price is $21.95 and its 200 day moving average price is $18.05. Viridian Therapeutics, Inc. has a 1 year low of $11.40 and a 1 year high of $27.20.

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

Insider Activity

In related news, COO Thomas W. Beetham bought 5,000 shares of the business's stock in a transaction that occurred on Friday, September 27th. The stock was bought at an average cost of $23.41 per share, for a total transaction of $117,050.00. Following the completion of the transaction, the chief operating officer now owns 6,000 shares of the company's stock, valued at approximately $140,460. The trade was a 500.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen F. Mahoney purchased 21,400 shares of the company's stock in a transaction on Friday, September 27th. The shares were purchased at an average cost of $23.33 per share, with a total value of $499,262.00. Following the purchase, the chief executive officer now owns 21,400 shares of the company's stock, valued at approximately $499,262. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on VRDN shares. TD Cowen initiated coverage on Viridian Therapeutics in a research note on Monday, November 25th. They set a "buy" rating on the stock. The Goldman Sachs Group boosted their target price on shares of Viridian Therapeutics from $25.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, September 12th. Royal Bank of Canada lifted their price target on shares of Viridian Therapeutics from $44.00 to $47.00 and gave the stock an "outperform" rating in a report on Tuesday. HC Wainwright restated a "buy" rating and issued a $34.00 price objective on shares of Viridian Therapeutics in a report on Monday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $38.00 target price on shares of Viridian Therapeutics in a report on Monday, November 25th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $36.67.

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.