Viridian Therapeutics (NASDAQ:VRDN) Shares Down 5.8% - Here's Why

Shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN - Get Free Report) dropped 5.8% during trading on Wednesday . The company traded as low as $18.63 and last traded at $18.70. Approximately 1,260,835 shares traded hands during mid-day trading, an increase of 5% from the average daily volume of 1,203,962 shares. The stock had previously closed at $19.85.

Analysts Set New Price Targets

VRDN has been the topic of a number of analyst reports. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $27.00 target price (down previously from $37.00) on shares of Viridian Therapeutics in a report on Thursday, December 19th. Needham & Company LLC reaffirmed a "buy" rating and issued a $38.00 price target on shares of Viridian Therapeutics in a report on Tuesday, January 7th. TD Cowen assumed coverage on Viridian Therapeutics in a report on Monday, November 25th. They set a "buy" rating for the company. Royal Bank of Canada raised 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. Finally, 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. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.70.

Viridian Therapeutics Price Performance

The firm has a market capitalization of $1.41 billion, a P/E ratio of -4.12 and a beta of 1.32. The firm's 50 day simple moving average is $19.14 and its two-hundred day simple moving average is $19.62. The company has a debt-to-equity ratio of 0.04, a current ratio of 18.55 and a quick ratio of 18.55.

Viridian Therapeutics (NASDAQ:VRDN - Get Free Report) last issued its 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 firm had revenue of $0.09 million during the quarter, compared to the consensus estimate of $0.08 million. As a group, analysts predict that Viridian Therapeutics, Inc. will post -4.03 earnings per share for the current year.

Hedge Funds Weigh In On Viridian Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of VRDN. R Squared Ltd bought a new stake in shares of Viridian Therapeutics in the 4th quarter worth approximately $26,000. AlphaQuest LLC boosted its holdings in Viridian Therapeutics by 119.0% in the fourth quarter. AlphaQuest LLC now owns 2,795 shares of the company's stock valued at $54,000 after acquiring an additional 1,519 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 period. AlphaCentric Advisors LLC raised its holdings in Viridian Therapeutics by 20.0% in the 3rd quarter. AlphaCentric Advisors LLC now owns 15,000 shares of the company's stock worth $341,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Viridian Therapeutics by 19.5% during the 4th quarter. Arizona State Retirement System now owns 16,596 shares of the company's stock valued at $318,000 after purchasing an additional 2,708 shares in the last quarter.

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.