Jennison Associates LLC Cuts Stake in Viridian Therapeutics, Inc. $VRDN

Jennison Associates LLC reduced its holdings in shares of Viridian Therapeutics, Inc. (NASDAQ:VRDN) by 97.6% during the first quarter, Holdings Channel reports. The fund owned 28,059 shares of the company’s stock after selling 1,126,021 shares during the period. Jennison Associates LLC’s holdings in Viridian Therapeutics were worth $549,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd bought a new stake in shares of Viridian Therapeutics in the 4th quarter worth approximately $36,000. Larson Financial Group LLC bought a new position in shares of Viridian Therapeutics during the 3rd quarter valued at $52,000. US Bancorp DE raised its position in Viridian Therapeutics by 23.2% in the 3rd quarter. US Bancorp DE now owns 2,457 shares of the company’s stock worth $53,000 after purchasing an additional 463 shares during the period. Sei Investments Co. bought a new stake in Viridian Therapeutics in the second quarter worth $147,000. Finally, Persistent Asset Partners Ltd bought a new stake in Viridian Therapeutics in the fourth quarter worth $176,000.

Insiders Place Their Bets

In other Viridian Therapeutics news, Director Fairmount Funds Management Llc acquired 1,176,470 shares of the company’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $17.00 per share, for a total transaction of $19,999,990.00. Following the acquisition, the director owned 5,090,928 shares in the company, valued at $86,545,776. This represents a 30.05% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $32.00 price objective on shares of Viridian Therapeutics in a research note on Monday, June 29th. Royal Bank Of Canada boosted their target price on Viridian Therapeutics from $34.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, June 30th. Wedbush increased their target price on Viridian Therapeutics from $32.00 to $43.00 and gave the company an “outperform” rating in a report on Tuesday, June 30th. Wells Fargo & Company upgraded Viridian Therapeutics from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $20.00 to $31.00 in a research report on Monday, June 29th. Finally, HC Wainwright decreased their price target on Viridian Therapeutics from $34.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, March 31st. Thirteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.79.

Viridian Therapeutics Price Performance

VRDN stock opened at $19.26 on Friday. The firm’s 50-day moving average price is $17.65 and its two-hundred day moving average price is $22.48. Viridian Therapeutics, Inc. has a 12-month low of $13.18 and a 12-month high of $34.29. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -5.80 and a beta of 0.90. The company has a current ratio of 15.15, a quick ratio of 15.15 and a debt-to-equity ratio of 0.10.

Viridian Therapeutics (NASDAQ:VRDN) last posted its earnings results on Tuesday, May 5th. The company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.16. The company had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.04 million. Viridian Therapeutics had a negative net margin of 490.31% and a negative return on equity of 80.19%. Viridian Therapeutics’s revenue for the quarter was up 95.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.87) earnings per share. As a group, equities analysts predict that Viridian Therapeutics, Inc. will post -3.87 earnings per share for the current year.

About Viridian Therapeutics

Viridian Therapeutics, Inc (NASDAQ: VRDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted antibody therapeutics for patients suffering from rare and serious diseases. The company’s lead program, VRDN-001, is a fully human monoclonal antibody that antagonizes the insulin-like growth factor-1 receptor (IGF-1R), with an initial focus on thyroid eye disease (TED). By selectively inhibiting IGF-1R signaling, VRDN-001 aims to reduce inflammation and tissue remodeling associated with TED and related disorders.

In addition to VRDN-001, Viridian is advancing a second antibody program, VRDN-002, which targets complement-mediated pathways implicated in autoimmune and inflammatory diseases.