Royal Bank of Canada Forecasts Strong Price Appreciation for Viridian Therapeutics (NASDAQ:VRDN) Stock

Viridian Therapeutics (NASDAQ:VRDN) had its price objective increased by Royal Bank of Canada from $44.00 to $47.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

VRDN has been the topic of several other research reports. TD Cowen initiated coverage on shares of Viridian Therapeutics in a report on Monday, November 25th. They issued a “buy” rating on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price objective on shares of Viridian Therapeutics in a research note on Monday, November 25th. BTIG Research boosted their target price on shares of Viridian Therapeutics from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. HC Wainwright reaffirmed a “buy” rating and issued a $34.00 price target on shares of Viridian Therapeutics in a report on Monday. Finally, The Goldman Sachs Group lifted their price objective on Viridian Therapeutics from $25.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $35.70.

Viridian Therapeutics Price Performance

Shares of VRDN opened at $18.73 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 18.55 and a quick ratio of 18.55. The company’s fifty day moving average price is $21.81 and its 200-day moving average price is $18.06. Viridian Therapeutics has a 1-year low of $11.40 and a 1-year high of $27.20. The firm has a market capitalization of $1.48 billion, a PE ratio of -4.35 and a beta of 1.04.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.15) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.04). The firm had revenue of $0.09 million for the quarter, compared to analysts’ expectations 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 research analysts predict that Viridian Therapeutics will post -4.03 EPS for the current year.

Insider Activity at Viridian Therapeutics

In other Viridian Therapeutics news, CEO Stephen F. Mahoney bought 21,400 shares of the firm’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 directly owns 21,400 shares of the company’s stock, valued at approximately $499,262. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Thomas W. Beetham purchased 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, with a total value of $117,050.00. Following the acquisition, the chief operating officer now owns 6,000 shares in the company, valued at $140,460. This represents a 500.00 % increase in their position. The disclosure for this purchase can be found here. 0.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of VRDN. FMR LLC boosted its holdings in Viridian Therapeutics by 16.8% in the 3rd quarter. FMR LLC now owns 11,183,478 shares of the company’s stock worth $254,424,000 after buying an additional 1,610,130 shares during the last quarter. Novo Holdings A S boosted its stake in shares of Viridian Therapeutics by 81.8% in the second quarter. Novo Holdings A S now owns 2,000,000 shares of the company’s stock worth $26,020,000 after acquiring an additional 900,000 shares during the last quarter. Maverick Capital Ltd. increased its position in shares of Viridian Therapeutics by 22.9% during the second quarter. Maverick Capital Ltd. now owns 3,307,945 shares of the company’s stock worth $43,036,000 after purchasing an additional 615,531 shares in the last quarter. Candriam S.C.A. increased its position in shares of Viridian Therapeutics by 167.8% during the second quarter. Candriam S.C.A. now owns 749,804 shares of the company’s stock worth $9,754,000 after purchasing an additional 469,804 shares in the last quarter. Finally, Parkman Healthcare Partners LLC acquired a new position in Viridian Therapeutics in the 3rd quarter valued at $9,669,000.

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.