Viridian Therapeutics, Inc. (NASDAQ:VRDN) Sees Significant Drop in Short Interest

Viridian Therapeutics, Inc. (NASDAQ:VRDNGet Rating) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 1,420,000 shares, a decline of 44.3% from the August 15th total of 2,550,000 shares. Based on an average daily trading volume, of 768,800 shares, the days-to-cover ratio is presently 1.8 days.

Viridian Therapeutics Trading Down 0.6 %

NASDAQ VRDN opened at $22.25 on Wednesday. The firm has a market cap of $633.32 million, a P/E ratio of -4.83 and a beta of 0.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 7.77 and a quick ratio of 7.77. The stock’s 50-day moving average is $17.53 and its 200-day moving average is $15.81. Viridian Therapeutics has a one year low of $9.47 and a one year high of $26.22.

Viridian Therapeutics (NASDAQ:VRDNGet Rating) last announced its earnings results on Monday, August 15th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.20). Viridian Therapeutics had a negative return on equity of 206.72% and a negative net margin of 10,981.32%. During the same quarter last year, the company earned ($2.21) EPS. Sell-side analysts anticipate that Viridian Therapeutics will post -3.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VRDN has been the subject of several recent research reports. B. Riley boosted their price objective on Viridian Therapeutics from $25.00 to $40.00 in a report on Tuesday, August 16th. LADENBURG THALM/SH SH increased their target price on Viridian Therapeutics from $33.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. Evercore ISI increased their target price on Viridian Therapeutics from $40.00 to $50.00 in a research note on Monday, August 15th. Finally, SVB Leerink increased their price target on shares of Viridian Therapeutics from $32.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, August 15th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Viridian Therapeutics presently has an average rating of “Buy” and a consensus price target of $40.20.

Insider Activity at Viridian Therapeutics

In related news, Director Fairmount Funds Management Llc bought 425,531 shares of the company’s stock in a transaction on Wednesday, August 17th. The stock was bought at an average cost of $23.50 per share, with a total value of $9,999,978.50. Following the completion of the purchase, the director now owns 1,363,764 shares in the company, valued at approximately $32,048,454. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Viridian Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in VRDN. Frazier Life Sciences Management L.P. acquired a new stake in shares of Viridian Therapeutics in the 1st quarter valued at about $32,164,000. Commodore Capital LP raised its position in Viridian Therapeutics by 72.2% in the 2nd quarter. Commodore Capital LP now owns 1,638,609 shares of the company’s stock valued at $18,959,000 after buying an additional 687,270 shares during the last quarter. Deep Track Capital LP acquired a new stake in Viridian Therapeutics in the 4th quarter valued at approximately $26,426,000. TCG Crossover Management LLC acquired a new stake in Viridian Therapeutics in the 4th quarter valued at approximately $25,978,000. Finally, Paradigm Biocapital Advisors LP raised its holdings in shares of Viridian Therapeutics by 3.9% in the first quarter. Paradigm Biocapital Advisors LP now owns 1,256,051 shares of the company’s stock valued at $23,224,000 after purchasing an additional 47,000 shares during the last quarter.

About Viridian Therapeutics

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Viridian Therapeutics, Inc, a biotechnology company, develops treatments for patients suffering from serious diseases. It develops VRDN-001, a humanized monoclonal anti-IGF-1R antibody that is in Phase 1/2 clinical trial for the treatment of thyroid eye disease (TED); VRDN-002, an IGF-1R antibody, which is in Phase 1 clinical trial; and VRDN-003, a therapeutic antibody targeting IGF-1R for the treatment of TED.

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