Viridian Therapeutics (NASDAQ:VRDN) Shares Gap Down on Disappointing Earnings

Posted by on Mar 10th, 2023

Viridian Therapeutics, Inc. (NASDAQ:VRDN – Get Rating)’s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $32.92, but opened at $28.91. Viridian Therapeutics shares last traded at $32.13, with a volume of 269,312 shares traded.

The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.41). Viridian Therapeutics had a negative return on equity of 108.29% and a negative net margin of 7,329.23%. The business had revenue of $0.11 million for the quarter, compared to analyst estimates of $0.46 million. During the same quarter last year, the firm posted ($1.32) EPS. The company’s revenue was down 50.9% compared to the same quarter last year.

Analysts Set New Price Targets

VRDN has been the topic of a number of research reports. Needham & Company LLC initiated coverage on Viridian Therapeutics in a research note on Monday, December 19th. They issued a “buy” rating and a $45.00 price objective on the stock. B. Riley boosted their target price on Viridian Therapeutics from $40.00 to $46.00 in a research report on Tuesday, January 10th. Cowen started coverage on Viridian Therapeutics in a research report on Monday, December 19th. They set an “outperform” rating on the stock. JMP Securities cut their target price on Viridian Therapeutics from $47.00 to $46.00 and set a “market outperform” rating on the stock in a research report on Tuesday, November 15th. Finally, Credit Suisse Group started coverage on Viridian Therapeutics in a research report on Friday, December 16th. They set an “outperform” rating and a $51.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Viridian Therapeutics has an average rating of “Buy” and an average price target of $45.10.

Insider Activity

In other news, General Counsel Lara Meisner sold 15,656 shares of Viridian Therapeutics stock in a transaction on Wednesday, December 14th. The stock was sold at an average price of $28.12, for a total transaction of $440,246.72. The sale was disclosed in a filing with the SEC, which is available at this link. In other Viridian Therapeutics news, General Counsel Lara Meisner sold 15,656 shares of the business’s stock in a transaction dated Wednesday, December 14th. The stock was sold at an average price of $28.12, for a total value of $440,246.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jonathan Violin sold 50,000 shares of the business’s stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $36.80, for a total value of $1,840,000.00. Following the completion of the transaction, the insider now owns 430,905 shares in the company, valued at approximately $15,857,304. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 151,373 shares of company stock worth $5,345,495. 4.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. VR Adviser LLC grew its stake in Viridian Therapeutics by 26.7% in the fourth quarter. VR Adviser LLC now owns 2,699,865 shares of the company’s stock valued at $78,863,000 after purchasing an additional 569,557 shares in the last quarter. Commodore Capital LP boosted its stake in shares of Viridian Therapeutics by 64.6% during the 3rd quarter. Commodore Capital LP now owns 2,696,340 shares of the company’s stock worth $55,302,000 after acquiring an additional 1,057,731 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Viridian Therapeutics by 39.3% during the 3rd quarter. BlackRock Inc. now owns 1,982,062 shares of the company’s stock worth $40,653,000 after acquiring an additional 559,238 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Viridian Therapeutics by 31.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,856,800 shares of the company’s stock worth $38,083,000 after acquiring an additional 445,898 shares in the last quarter. Finally, Vivo Capital LLC boosted its stake in shares of Viridian Therapeutics by 1.1% during the 4th quarter. Vivo Capital LLC now owns 1,678,207 shares of the company’s stock worth $49,020,000 after acquiring an additional 18,188 shares in the last quarter.

Viridian Therapeutics Stock Performance

The company has a market cap of $834.16 million, a P/E ratio of -7.27 and a beta of 0.95. The firm has a 50 day moving average price of $33.73 and a 200-day moving average price of $26.55. The company has a debt-to-equity ratio of 0.02, a quick ratio of 17.35 and a current ratio of 17.35.

About Viridian Therapeutics

(Get Rating)

Viridian Therapeutics, Inc is a clinical stage biopharmaceutical company, which engages in the development of proprietary RNA-targeted therapeutics. Its product candidates include Cobomarsen, which treats patients with certain cancers, including cutaneous T-cell lymphoma and adult T-cell leukemia/lymphoma, and Remlarsen and MRG-229, which are made for the treatment of patients with pathological fibrosis.

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