Viridian Therapeutics (NASDAQ:VRDN) Shares Gap Up – Time to Buy?

Viridian Therapeutics, Inc. (NASDAQ:VRDN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $25.71, but opened at $27.04. Viridian Therapeutics shares last traded at $24.62, with a volume of 368,876 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wedbush restated an “outperform” rating and set a $42.00 price objective on shares of Viridian Therapeutics in a research report on Monday, July 29th. Royal Bank of Canada restated an “outperform” rating and issued a $44.00 price target on shares of Viridian Therapeutics in a research note on Thursday, September 19th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective on shares of Viridian Therapeutics in a research report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $27.00 target price on shares of Viridian Therapeutics in a research report on Tuesday, September 10th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $28.00 price target (down from $31.00) on shares of Viridian Therapeutics in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.80.

Viridian Therapeutics Price Performance

The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -5.22 and a beta of 1.10. The company has a fifty day simple moving average of $22.35 and a 200 day simple moving average of $16.89. The company has a debt-to-equity ratio of 0.05, a quick ratio of 15.82 and a current ratio of 15.82.

Insider Buying and Selling at Viridian Therapeutics

In other news, CEO Stephen F. Mahoney purchased 21,400 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were purchased at an average price of $23.33 per share, for a total transaction of $499,262.00. Following the transaction, the chief executive officer now owns 21,400 shares of the company’s stock, valued at approximately $499,262. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Fairmount Funds Management Llc acquired 1,600,000 shares of the stock in a transaction dated Friday, September 13th. The stock was bought at an average price of $18.75 per share, for a total transaction of $30,000,000.00. Following the purchase, the director now directly owns 3,445,813 shares of the company’s stock, valued at $64,608,993.75. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen F. Mahoney acquired 21,400 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were bought at an average price of $23.33 per share, for a total transaction of $499,262.00. Following the acquisition, the chief executive officer now directly owns 21,400 shares of the company’s stock, valued at approximately $499,262. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 1,626,400 shares of company stock valued at $30,616,312. 0.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC raised its position in shares of Viridian Therapeutics by 344.0% during the second quarter. Quest Partners LLC now owns 6,056 shares of the company’s stock worth $79,000 after purchasing an additional 4,692 shares during the period. Ameritas Investment Partners Inc. grew its holdings in shares of Viridian Therapeutics by 19.2% during the first quarter. Ameritas Investment Partners Inc. now owns 4,961 shares of the company’s stock valued at $87,000 after buying an additional 799 shares during the last quarter. 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 worth $156,000 after acquiring an additional 2,359 shares in the last quarter. AlphaCentric Advisors LLC raised its holdings in shares of Viridian Therapeutics by 108.3% in the 2nd quarter. AlphaCentric Advisors LLC now owns 12,500 shares of the company’s stock worth $163,000 after acquiring an additional 6,500 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Viridian Therapeutics by 14.7% in the 2nd 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 in the last quarter.

About Viridian Therapeutics

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.