Viridian Therapeutics (NASDAQ:VRDN) Stock Price Down 5.8% – Here’s What Happened

Viridian Therapeutics, Inc. (NASDAQ:VRDN)’s stock price dropped 5.8% during mid-day trading on Friday . The stock traded as low as $20.06 and last traded at $20.38. Approximately 222,846 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,112,543 shares. The stock had previously closed at $21.64.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. BTIG Research upped their price target on Viridian Therapeutics from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Wedbush reaffirmed an “outperform” rating and issued a $42.00 price target on shares of Viridian Therapeutics in a report on Monday, July 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $44.00 price target on shares of Viridian Therapeutics in a research note on Thursday, September 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price objective on shares of Viridian Therapeutics in a research note on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of Viridian Therapeutics from $25.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.33.

Viridian Therapeutics Trading Down 5.3 %

The company has a current ratio of 15.82, a quick ratio of 15.82 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average price of $22.52 and a 200-day moving average price of $16.92. The company has a market cap of $1.62 billion, a P/E ratio of -4.62 and a beta of 1.10.

Insider Transactions at Viridian Therapeutics

In other news, Director Fairmount Funds Management Llc acquired 1,600,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were purchased at an average cost of $18.75 per share, with a total value of $30,000,000.00. Following the acquisition, the director now directly owns 3,445,813 shares in the company, valued at $64,608,993.75. This represents a 86.68 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Thomas W. Beetham acquired 5,000 shares of the company’s stock in a transaction on Friday, September 27th. The stock was acquired at an average price of $23.41 per share, with a total value of $117,050.00. Following the purchase, the chief operating officer now directly owns 6,000 shares in the company, valued at approximately $140,460. This represents a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 1,626,400 shares of company stock worth $30,616,312 in the last ninety days. Insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On Viridian Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC grew its position in shares of Viridian Therapeutics by 344.0% in the 2nd quarter. Quest Partners LLC now owns 6,056 shares of the company’s stock valued at $79,000 after buying an additional 4,692 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Viridian Therapeutics by 19.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 4,961 shares of the company’s stock valued at $87,000 after acquiring an additional 799 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Viridian Therapeutics during the 3rd quarter valued at $149,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 valued at $156,000 after purchasing an additional 2,359 shares during the period. Finally, AlphaCentric Advisors LLC boosted its holdings in Viridian Therapeutics by 108.3% in the second quarter. AlphaCentric Advisors LLC now owns 12,500 shares of the company’s stock worth $163,000 after acquiring an additional 6,500 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.