Needham & Company LLC Reiterates “Buy” Rating for Viridian Therapeutics (NASDAQ:VRDN)

Needham & Company LLC restated their buy rating on shares of Viridian Therapeutics (NASDAQ:VRDN) in a report released on Monday morning, Benzinga reports. Needham & Company LLC currently has a $38.00 price target on the stock.

VRDN has been the subject of several other research reports. Wedbush reaffirmed an “outperform” rating and set a $42.00 price objective on shares of Viridian Therapeutics in a report on Monday, July 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $44.00 price target on shares of Viridian Therapeutics in a report on Thursday, September 19th. Oppenheimer reissued an “outperform” rating and issued a $28.00 price target (down previously from $31.00) on shares of Viridian Therapeutics in a report on Monday, August 12th. BTIG Research raised their price target on shares of Viridian Therapeutics from $56.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, HC Wainwright reissued a “buy” rating and issued a $27.00 price target on shares of Viridian Therapeutics in a report on Tuesday, September 10th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.80.

Viridian Therapeutics Stock Performance

NASDAQ VRDN opened at $21.57 on Monday. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -5.08 and a beta of 1.08. The company has a 50 day moving average of $20.76 and a 200-day moving average of $16.28. The company has a current ratio of 15.82, a quick ratio of 15.82 and a debt-to-equity ratio of 0.05. Viridian Therapeutics has a 1-year low of $11.40 and a 1-year high of $25.39.

Viridian Therapeutics (NASDAQ:VRDN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.87) by ($0.15). The firm had revenue of $0.07 million for the quarter, compared to analyst estimates of $0.09 million. Viridian Therapeutics had a negative return on equity of 83.18% and a negative net margin of 79,185.77%. On average, equities analysts forecast that Viridian Therapeutics will post -3.94 earnings per share for the current fiscal year.

Insider Buying and Selling at Viridian Therapeutics

In other Viridian Therapeutics news, CEO Stephen F. Mahoney acquired 21,400 shares of Viridian Therapeutics 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 completion of the purchase, the chief executive officer now owns 21,400 shares in the company, valued at $499,262. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Thomas W. Beetham purchased 5,000 shares of Viridian Therapeutics stock in a transaction dated Friday, September 27th. The shares were bought at an average cost of $23.41 per share, with a total value of $117,050.00. Following the completion of the transaction, the chief operating officer now directly owns 6,000 shares in the company, valued at $140,460. This trade represents a 500.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen F. Mahoney purchased 21,400 shares of Viridian Therapeutics stock in a transaction dated Friday, September 27th. The shares were purchased at an average cost of $23.33 per share, for a total transaction of $499,262.00. Following the completion of the transaction, the chief executive officer now owns 21,400 shares of the company’s stock, valued at approximately $499,262. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,626,400 shares of company stock valued at $30,616,312. 0.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Viridian Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in VRDN. Novo Holdings A S boosted its position in shares of Viridian Therapeutics by 81.8% during the second quarter. Novo Holdings A S now owns 2,000,000 shares of the company’s stock worth $26,020,000 after purchasing an additional 900,000 shares in the last quarter. Maverick Capital Ltd. raised its holdings 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 acquiring an additional 615,531 shares during the period. Candriam S.C.A. raised its holdings 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 acquiring an additional 469,804 shares during the period. Vanguard Group Inc. raised its holdings in shares of Viridian Therapeutics by 7.8% during the first quarter. Vanguard Group Inc. now owns 3,234,279 shares of the company’s stock worth $56,632,000 after acquiring an additional 233,331 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Viridian Therapeutics by 1,014.7% during the second quarter. Millennium Management LLC now owns 228,182 shares of the company’s stock worth $2,969,000 after acquiring an additional 207,711 shares during the period.

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.